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Failed Arizona Condo Conversion Project Sold

A 154-unit apartment community located in Mesa, Ariz. has fetched $14.5 million. An unnamed Portland-based investor bought the Montego Villas complex from a Chicago-based seller, Montego Villas Development LLC.

According to the seller’s agent, Sperry Van Ness, the Montego Villas complex was originally earmarked for a condominium conversion. But the brokerage says that the sale price allowed the seller to exit the deal without taking a significant loss. The new owners plan to operate the complex as a rental property.

Originally built in 1979, the Montego Villas underwent a $2.7 million exterior and interior renovation program during the past 12 months. The interiors of more than 60 units were also completely remodeled. The complex consists of 22 buildings located on 6.23 acres of land.

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