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Condo Converter Ponies Up $12M for 166 Units

MESA, AZ-After 20-some years as a rental property, Dobson Bay Club will return to its original destiny--condos. The conversion will begin in first quarter 2006, with the new owner projected to spend $10,000 per unit on make-ready changes.

By Amy Wolff Sorter | Updated on September 27, 2005

MESA, AZ-A limited liability company from Santa Monica, CA was the buyer of choice for the 166-unit Dobson Bay Club. The sellers–locally based Arbor Village Apartments LLC and Jewish Community Foundation of Southern California–received $11.75 million for the class B asset.

The complex at 1331 W. Baseline Rd., slated for condo conversion, was listed at $12 million plus defeasance. It has about an 8% vacancy rate at the time of closing.

“This became a beauty contest between six of the top offers,” says Neil Sherman, senior vice president with Sperry Van Ness’ Phoenix office who, with Rue Bax, also with SVP Phoenix, represented the seller. Shawn Nejad of the brokerage house’s office in Irvine, CA brokered the buyer of record, Dobson Bay LLC.

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