Tempe – Camden Property Trust in Houston, Tex. (NYSE:CPT) paid $34 million ($200,000 per unit) to purchase the 170-unit Sotelo apartments at 615 E. Weber Drive in Tempe. Records show Camden Sotelo LLC paid cash for the multi-family community. The seller was 615 E. Weber Drive Tempe LLC, a company formed by iStar Financial Inc. in New York City, N.Y. The deal was brokered by Mark Forrester and Ric Holway of Hendricks Berkadia in Phoenix. In January 2007, BREW reported a company formed by Trammell Crow Residential in Scottsdale buying the 6.75-acre parcel and planning to develop 170 for sale condominiums on the land, which is about a mile north of Arizona State University. The multi-family project is located just northwest of the northwest corner of Scottsdale and Curry roads at the southeast corner of College Avenue and Weber Drive. Trammell Crow Residential paid $8 million for the parcel and borrowed $38.8 million from iStar Financial to develop the condominiums. Continue reading
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