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HOUSTON-Looking to accrue 5,000 units within two years in the city, Phoenix-based Right Place Properties has started the plan by rescuing the 94-unit Braesforest Apartments out of foreclosure for $1.77 million. The new owner plans to invest another $30,000 per door to convert the almost empty complex into condos.

Natan Jacobs, president of Red Door Group in Phoenix, says the units at 8100 Creekbend Dr. should be ready to sell by the end of the year. He says the ask will be $49,990 to $89,990.

Jacobs tells GlobeSt.com that the complex has only five tenants, all on month-to-month leases. "We'll let people finish their month, then begin the renovations," he says, adding the buyer most likely will outsource condominium sales to a third-party company familiar with the local market.