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Centerpoint Project Sold, To Become Apartments
Filed under: Real Estate Developments
A Tempe, Arizona project that we've been following since 2006 finally has some new owners. Earlier this year the Centerpoint Condominiums project fell into foreclosure. The concrete, glass and steel project called for a pair of 30-story towers with around 800 units ranging in size from small studios to large penthouses. The project has been unfinished for years. ML Manager LLC, acting on behalf of investors, filed for foreclosure and placed the unpaid principal of condo developer Tempe Land Co. LLC at $135 million. Although a foreclosure auction was held in April there were no takers. The project has now been purchased by the Zaremba Group for $30 million. Proceeds from the sale will go back to the development's investors. The company plans to finish the two residential towers and retail space by summer 2011 and then rent it out rather than sell the condos as was originally planned. The luxury apartments will be marketed to Arizona State University students.
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