Phoenician Palms sale

Buyer eyes condo conversion opportunity

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The Phoenician Palms apartments have been acquired in Phoenix, Ariz., for a price of $11.3 million. Right Place Properties of Arizona purchased the complex from Arizona Progressive LLC, an Arizona-based corporation. Located at 3421 W. Dunlap Ave., the 166-unit property was built in 1973 and features "very large" units, according to a press statement. "This property has terrific potential as a condo conversion opportunity," said Todd Braun, senior director with Cushman & Wakefield of Arizona Inc., which negotiated the deal. "The purchaser may consider exercising that potential at a later date." ...