Condo Towers Turned into Apartments in Tempe

February 23, 2011 / Russell Legato, Residential Property Analyst

New owner of the condo towers that’s stands unfinished in Tempe, Arizona plans to turn them into luxury apartments to attract tenants in the property and in response to the state’s economy. The new owner, Zaremba Group, with headquarters in Cleveland has recently purchased the unfinished condo towers — Centerpoint on Friday for $30 million.

Condo Towers Turned into Apartments in Tempe

Still because of the weak economy and high end condominiums, developers of the condo tower in Phoenix, Arizona plans to turn it into an apartment project. Chicago-based ST Residential acquired the property in June 2010, but only sold about 14 units.

Zaremba Group plans to rename the condo towers West Sixth, and then planned to turn them into 375 unit luxury apartments.

According to a report, in September 2010, Zaremba Group has previously showed interests in purchasing the condo towers, but because of some issues regarding its title insurer — Fidelity National Title Insurance Company, the company backed out on the deal in November.

The condo towers also went into foreclosure, and then auctioned off last April 2010, according to the Maricopa County Recorder’s Office.

According to Zaremba’s personal relations firm, the company’s acquirement of the condo towers was difficult and concerned a lot of players, but the Zaremba has finally able to fix all the problems to complete the purchase.

Nancy Hormann, Downtown Tempe Community President said the company’s purchase of the condo towers will have a positive effect on the city’s economy and on Mill Avenue’s business district.

The project’s completion would be a major improvement for downtown Tempe, which is still struggling because of the economic downturn.

Construction on the condo towers into luxury apartments will start immediately for the Phase 1 and Phase 2 to accommodate residents by August and December.

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