E.V. apartment complexes sold for $11 million - East Valley Tribune: Business

E.V. apartment complexes sold for $11 million

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Posted: Thursday, August 4, 2011 2:20 pm

Three East Valley apartment complexes have been sold, which have a combined value of $11 million. The 166-unit Dobson Bay Club Condominiums, 1332 W. Guadalupe Road in Mesa, sold for $4.6 million. The property began as apartments and was converted to condos in 2006. Only 65 units sold, leaving 101 units that remain as apartments. Chicago-based NCB Development III sold the units to Canadian firm Advantage South Corps USA. The buyer plans to keep the units as rentals.

The Dobson Springs apartments, 1325 W. Guadalupe Road, sold for $5.4 million. The 120-unit, lender-owned property was sold to San Francisco-based Helios AMC.

Also, Casa Carmel apartments, 2222 S. Rural Road in Tempe, sold for $1 million. Tempe-based Casa Carmel LLC sold the units to California-based Michent LLC.

Colliers International represented the buyers and/or sellers in the three transactions.

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