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10-Year Owner Nets $10M in Off-Market Sale of 149 Units

PHOENIX-A Los Angeles investor gets a $9.5-million offer from a limited liability company in his homeport, triggering the trade of the 96%-leased Biltmore Center. In the summer, the rental units will swing to condo sales.

By Amy Wolff Sorter | Updated on April 20, 2006

PHOENIX-After a decade of ownership, a Los Angeles investor has sold the 149-unit Biltmore Center for $9.5 million in an off-market transaction. The new owner is making plans to launch a condo conversion in the summer.

Robert Bard, principal of Select Suites-Biltmore Center LLC, turned over a 96%-leased complex, developed in 1982 at 4341 N. 24th St., to Ron Hassid of Silver Developments LLC, also from Los Angeles. “The seller held the property for almost 10 years and a window of opportunity was presented with the condo conversions, though that’s slowing up,” Ron Monat of Marcus & Millichap Real Estate Investment Brokerage Co. in Phoenix tells GlobeSt.com.

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