New Centerpoint condo owner to offer units as rentals

Once envisioned as high-dollar homes for upper-class urbanites, Tempe's Centerpoint Condominiums will now be geared toward students and young professionals. The project's new owner of the 375-unit development at Sixth Street and Maple Avenue, one block west of Mill Avenue, would become the closest all-rental project to downtown Tempe. Last week, it was announced that Zaremba Group purchased the condos for $30 million. ML Manager LLC, successor to Mortgages Ltd., is taking a significant loss on the project, considering the original loan provided to Tempe Land Co. is estimated at $135 million. But ML Manager officials say the deal is the best that can be expected in today's market. Market conditions are behind Zaremba Group's decision to turn the project into rentals, said Kent Chantung, director of development for Zaremba.

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