Condo Converter Pre-Empts Market With $21M Offer for 230 Units

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CHANDLER, AZ-A Canadian condo converter has made an offer a local buyer couldn’t refuse, resulting in the sale of the 230-unit Lakeside Village for $21.3 million. The off-market transaction ends nearly a decade of ownership by a limited liability company from nearby Tempe.

According to seller representative David Fogler, senior vice president with Phoenix-based Grubb & Ellis/BRE Commercial LLC, the seller paid $10.75 million for the class A multifamily complex in January 1997. Over the years, Chandler Lake LLC invested in upgrades and improvements. “They felt the market timing was right to take advantage of interest,” adds Fogler, who partnered with Grubb & Ellis senior vice president Steven Nicoluzakis to sell the 12.3-acre development at 855 N. Dobson Rd.