Phoenix Apartment Complex Sells for $9.2 M

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Biltmore Palms Apartments, located near the intersection of 24th Street and Indian School Road, has been sold for nearly $9.2 million and is headed for condominium conversion.

The 106-unit apartment complex, built in 1982, totals 84,570 square feet. It was sold by Biltmore Palms LLC of Carmichael, Calif., to Biltmore Condominiums at the Palms LLC, with Brett Polachek and Todd Braun of Cushman & Wakefield of Arizona's Southwest Apartment Group handling the transaction.

According to Polachek, the new owner plans to renovate both the interior and exterior of the property and offer it for sale as condominiums.

The apartment complex is located at 2625 E. Indian School Road.

Cushman & Wakefield is a privately held real estate services firm with 189 offices in 57 countries around the world.