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PHOENIX-A local condo converter has claimed the 300-unit La Mirada Apartments, paying $15.48 million to a New York City-based investment group for ownership rights. With the acquisition, Right Place Properties is closing in on its goal to acquire 1,250 units in the metro by year's end.

Brooks Spilsbury, an associate broker with Red Door Commercial of Phoenix, says the class B complex at 1350 E. Northern Ave. has the right type of design for a conversion plus it is situated in a neighborhood ripe with value-add possibilities. "We think the unit mix is advantageous for our work as condo converters," Spilsbury tells GlobeSt.com. "It has larger units, with more two-bedroom units than one-bedroom."

Before the units sell, however, Right Place will invest $27,000 per door into interior and exterior upgrades, according to Natan Jacobs, president of Red Door Commercial. He says Right Place's general method is make improvements, gradually increase rents and then convert the renters into condo owners. "We put a condo map on La Mirada during escrow, but we won't actually sell these as condos for two or three years," he explains. "Right now, we're maintaining and operating these as apartments."