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Canadian Buyer Spends $43M for 360-Unit Conversion Property

GLENDALE, AZ-The Vancouver, BC-based 20/20 Properties Inc. is making tracks in the multifamily market with its second Valley acquisition and planned conversion of the class A Springs at Arrowhead Towne Center.

By Amy Wolff Sorter | Updated on September 28, 2005

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

GLENDALE, AZ-20/20 Properties Inc., a development company based in Vancouver, BC, has paid $42.85 million for the 360-unit Springs at Arrowhead Towne Center. The new owner, a condo converter, has secured a $39.45-million loan to close the deal.

David Sotolov, vice president and senior loan originator of Fremont Investment & Loan’s Phoenix office, which is funding the deal, says 20/20 is planning the first conversion of its type in the Glendale-Northwest Valley submarket. Principals Ian Mallmann and John Murphy acquired the 37-building complex at 17722 N. 29th St. from Almon Investment Group in Seattle.

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