Arizona apartments slated for condos

Sale closed at nearly full occupancy

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Sperry Van Ness recently completed the sale of Emerald Springs, a 194-unit apartment community in Mesa, Ariz. The value of the transaction was $17 million. The buyer, Unit 194 LLC, plans to convert the property, located at 1820 W. Lindner Ave., to condos. California-based Farnum Properties LLC sold the asset, which was 98 percent occupied at the time of sale. Originally built in 1979 and situated on approximately 7.6 acres of land, the 23-building community consists entirely of two-bedroom/two-and-a-half-bathroom units. Sperry Van Ness is one of the largest commercial real estate investment brokerage firms in the United States with more than 600 advisors in 35 states. ...