Falcon Glen Apartments, a 402-unit multifamily complex in Mesa, Ariz., has been sold to an out-of-state investor.
Salt Lake City-based Carlsbad Development I LLC purchased the property from Santa Barbara, Calif.-based IDB Investments LLC for $31.5 million.
The property, which is targeted for a condo conversion, is located at 4225 E. University Drive. Originally built in 1982 and 1984, the 40-building community is situated on 24.8 acres. Falcon Glen consists of 240 two-bedroom/1.5-bathroom townhouse units, 80 one-bedroom units and 82 two-bedroom units, and includes a clubhouse, swimming pool and laundry facilities.
At the time of sale, the property was 90 percent occupied.
You have {{data.cm.viewsLeft}} articles left this month.
This content is available to Inman Select subscribers.
Please select an option below.
Please register to access this content.
To continue viewing the content you love, please sign in or create a new account
You have used all of your free pageviews.
Please subscribe to access more content.
Access denied!