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Condo Converter Shells Out $24M for 220-Unit Complex

SCOTTSDALE, AZ-After years of eyeing the asset, the Continental Group gets the deed, paying $23.2 million for a 94%-leased, class B complex. The seasoned converter, tackling his first project in his homeport, is fine-tuning the plan for Rancho Antigua.

By Jennifer D. Duell | Updated on March 10, 2005

SCOTTSDALE, AZ-The Continental Group is moving forward with its first condo conversion project in the Valley, spending $23.2 million for a class B complex with 220 units.

The locally based Continental Group, led by John Lupypciw, bought Rancho Antigua from Con Am Management of San Diego. “John has been after this property for several years,” Dick Crain, principal of local brokerage firm R.H. Crain & Associates LLC says about the 20-year-old complex at 8787 E. Mountain View Rd. “We had pursued the Con Am for several years to convince them sell it, but they always said that they weren’t ready to sell.” He says the complex offers an appealing location, a diverse unit mix and large units.

Crain, who represented the buyer, tells GlobeSt.com that Lupypciw wasn’t the highest bidder for Rancho Antigua. “There were a couple of other buyers who made higher offers and then couldn’t close the deal,” he explains. “That’s when John stepped in.” Sean Cunningham and Tyler Anderson with CB Richard Ellis Inc.’s Phoenix office represented the seller.

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