Canadian Captures Condo Conversion
A former Scottsdale condo building has been picked up by Canadian investors as apartments. For now. We spoke with ABI Multifamily's Eddie Chang and Doug Lazovick about their deal to sell Scottsdale Haciendas, a condo conversion project that involved 79 units (from a 180-total project) for $9.2M, or $117k/unit. That's right--a condo conversion. “This was sold by an owner who basically weathered the storm,” Eddie tells us. The new owners plan to keep the units as rentals, but could very well return them to condos in the future.
That said, Doug and Eddie say the project has a competitive advantage over other area apartments--all units have enclosed garages, many of the units were upgraded with condo-grade finishes and there's a mixture of townhome units, some with private backyards. “The limited supply of Scottsdale rentals coupled with billions of dollars currently being invested in development projects in the surrounding hubs of Old Town Scottsdale and ASU’s Tempe campus, appealed strongly to the buyer,” Doug says.
