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.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
We're here to help. Free 90-day trial for new subscribers.Click Here×