Located at 1850 E. Maryland St. and sitting on 4.7 acres, the 35-year-old Villa Vallejo will undergo condo conversion to the tune of $15,000 to $25,000 per unit, according to Bobby Bull, managing director of Transwestern Multi-Family Group for the Southwest region. "The buyer will start on this in early 2006 and will look to sell the project out in 18 to 24 months," says the deal's sole broker. He says the condos will be marketed at approximately $150,000 per unit.

The 98%-leased complex contains only two-bedroom units, averaging about 900 sf. The monthly rents are $650.

The sale represents G.M. Realty's first in the region, but it also represents the disposition of Villa Vallejo LLC's last property in the area as well. "This was an island asset for the ownership," Bull says. "It was the only property left they owned. They just wanted to get out of Phoenix and saw the opportunity to do so."