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Condo Converter Buys 71-Unit Villa Vallejo

PHOENIX-A Chicago-based investor, attracted to the local multifamily market, has purchased his first property in the metro by meeting the full $5.25-million ask. Hoping to sell out in two years, the buyer will put $15,000 to $25,000 per unit into the conversion.

By Amy Wolff Sorter | Updated on September 20, 2005

PHOENIX-In its first multifamily purchase in the metro, G.M. Realty LLC of Chicago has met the full $5.25-million ask to win the 71-unit Villa Vallejo, brought to market by a local seller looking for an exit strategy on its last holding.

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.

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