Arizona apartment deal tops $31 million

Buyer has conversion plans

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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....