Search
 

440-Unit Portofino Apartments Fetch $51M

PHOENIX-Crown Pacific Properties collects a sizable return for its 16-month hold of the five-year-old luxury complex, turning over the deed to Chicago-based condo converter, Monaco Development, for $50.6 million.

By Amy Wolff Sorter | Updated on September 27, 2005

(To read more on the multifamily market, click here.)

PHOENIX-Almost one year and four months after purchasing the Portofino Apartments, Crown Pacific Properties LLC of Carlsbad, CA has sold the 440-unit luxury complex for $50.6 million, collecting $17.1 million more than it paid for the property.

The buyer, Chicago-based Monaco Development, LLC beat out five other offers for the 3830 Lakewood Parkway East property. The new owner plans to convert the five-year-old apartments into condominium units–almost immediately.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.