FLAGSTAFF, AZ-ViaWest Properties acquired Timberline Place's remaining 102 units for $8.5 million. The Phoenix-based ViaWest bought the multifamily units from Aspen Group of Scottsdale, AZ, which acquired the entire 372-unit project in 2006, and converted 204 units to condominiums.

David Fogler, executive vice president with Cassidy Turley BRE Commercial, says the asset at 4343 E. Soliere Ave. was originally built as a two-phased multifamily property rental, the 168-unit Timberline Village and the 204-unit Timberline Place. Fogler, who worked with Cassidy Turley's executive vice president Steven Nicoluzakis on behalf of the seller, says at the height of the condo conversion craze, Aspen Group sold off Timberline Village. GlobeSt.com reported at the time that Timberline Village fetched $21.6 million for Aspen Group.

In the meantime, Aspen Group converted Timberline Place into condo units. Fogler says Aspen Group continued selling condos, then stopped after reaching the 50% mark in sales. "The story is, this was originally a rental, converted to condos, a portion of it sold then Aspen decided not to sell the remainder," Fogler says.