TEMPE, AZ-Business Real Estate News of Arizona reports that Camden Property Trust acquired the 170-unit Sotelo apartments from iStar Financial Inc. The Houston-based REIT paid $34 million to iStar of New York City for the property, which had originally been built as a condominium development.
In January 2007, GlobeSt.com reported that Trammell Crow Residential had acquired 6.75 acres at 1221 N. College Ave. (now 615 E. Webster St.) to build the condos, with Fremont Investment & Loan providing close to $40 million in construction financing. But BREW reports that TCR completed 56 units and an underground parking facility before it stopped the project. iStar Financial foreclosed on the asset.
BREW notes that the project's first phase opened in 2009, with iStar Financial completing the other 114 units in 2012. Sotelo is 100% leased, and BREW further reports that Camden Property Trust owns a contiguous parcel, on which 234 more apartments are planned.
Mark Forrester and Ric Holway with Hendricks-Berkadia brokered the transaction.
For more about the sale, click here.
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