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$31M Apartment Buy Sets Up Condo Conversion

TUCSON-A Vancouver investment group spends $31.4 million for the Greens at Ventana Canyon, a 256-unit, class A complex being primed for a condo conversion. The 19-year-old asset, sporting a 98% occupancy, will start to change over in the fall.

By Jennifer D. Duell | Updated on June 08, 2005

(To read more on the multifamily market, click here.)

TUCSON-An investment group from Vancouver has made its first buy in the Valley, beating out several other buyers for Greens at Ventana Canyon, a 256-unit, class A complex. Ventana 20/20 LP paid $31.4 million to a local partnership for the title.

Situated on 11.6 acres at 5800 N. Kolb Rd., the complex will be converted into residential condominiums in the fall, according to Art Wadlund, an investment broker with Hendricks & Partners’ local office. “The property was good for conversions due primarily to the cost of housing in the neighborhood, which is $500,000 and up. Many homes are more than $1 million,” he tells GlobeSt.com. A shrinking supply of affordable housing is keeping a lot of would-be home-buyers in the rental market, he adds.

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