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$61M Sale of 348-Unit San Mateo Sets New Record in Scottsdale

SCOTTSDALE, AZ-Mentor Properties Inc., partnering with local investors, will spend another $7 million to ready the rental property for a condo conversion. The new owner stakes the claim after outbidding 21 others to get its second conversion property this year.

By Amy Wolff Sorter | Updated on August 30, 2005

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

SCOTTSDALE, AZ-A local investment partnership has purchased San Mateo, a 348-unit apartment complex, for $61 million from San Mateo Apartments LLC of Seattle. The sales price was the highest paid for an apartment building to date in the city, according to local sources.

Buyer Plaza Residences LLLP, a partnership formed by Mentor Properties Inc. of Canada, will convert the property at 7009 E. Acoma Dr. into condominiums. “The plan is to target move-up buyers, either those who have owned condos in the past and want to upgrade, or those who have a home and want to have a second home as a condo,” says Cal DeSouza, managing partner with Mentor Properties. The conversion of the 90%-plus leased complex will get under way soon, he says.

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