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Camden Pays $34M For Sotelo

TEMPE, AZ-Seller iStar Financial sells the 170-unit luxury multifamily property, which once had the distinction of being one of the first condo developments on Tempe Town Lake's northern banks.

By Amy Wolff Sorter | Updated on September 12, 2013

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.

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