Sale of Foreclosure Homes in Arizona to Surge with Condos
The sale of foreclosure homes will climb up sharply in Arizona with the foreclosure of two high profile high-rise residential projects in Tempe and in Phoenix. The 22- and 30-unit Centerpoint condo towers in Tempe have been foreclosed by lender ML Manager LLC.
The sale of foreclosure homes will rise sharply in Arizona with the foreclosure of high profile high-rise residential projects – the Centerpoint condo towers in downtown Tempe and the High Street phase of the CityNorth mixed-use project in Phoenix.
The Centerpoint was once considered the symbol of Tempe’s residential boom, but the project would be soon sold off in an auction to be held in April in Maricopa County.
The high rises went into foreclosure when ML Manager LLC, which represents various investors, sued condo developer Tempe Land Company for failing to pay its loan of $135 million. Tempe Land is owned by Tempe-based development firm Avenue Communities LLC.
By Cassiano Travareli