(Read more on the multifamily market.)

TUCSON-A little more than a year after buying the La Reserve Villas, a Canadian condominium converter has put the 240-unit complex under contract to Seattle-based S-J Management LLC. The $28.65-million off-market deal is slated to close soon.

Vancouver-based 20/20 Properties had acquired La Reserve at 10700 N. La Reserve Dr. and the 320-unit Centrepointe at 3220 W. Ina Rd. in January 2006 with plans to convert them into condominiums. However, a slowing market led to other plans.

"It took a long time to get the public report," says Robert Chester, senior commercial associate with Realty Executives of Phoenix. Chester, who represents the seller in the off-market deal, says by the time 20/20 received the report, which was necessary to price and sell the units, the condo market in Tucson had ground to a halt. "They just thought it best to sell it as an apartment building," he adds. As of now, 20/20 has no plans to put Centrepointe on the market.

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