The Phoenix Business Journal has reported that the Chateau on Central, an unfinished MultiFamily Foreclosure, has sold to MSI West Investments LLC for $7 million. That is only $333,333 per unit which is a shockingly great deal considering that when construction first began in 2005 each of the 21 units of this Victorian brownstone were being sold for about $2 to $4 million each. The owners of this property are aiming to exceed the typical ultimate urban lifestyle of similar downtown brownstone buildings. Each brownstone comes with its own private elevator, dining terrace, roof top terrace, optional fireplace, private pool, spa, BBQ and more.
When this property was first under constuction the owners quickly found financial difficulty when the original lender pulled out. This is when Mortgages, Ltd stepped in and took over. They too found financial difficulty with the downturn of the Commercial Real Estate market. In 2008 they filed for Chapter 11 bankruptcy. The building has been vacant and construction has been on hold since.
The new investment team plans to finish the construction of the five-story, twenty-one unit building and take an environmentally friendly path by incorporating green elements into the new plans.
Marc Brodeur BS, DC
Commercial Realtor
Marc@PhoenixCommercialRealEstate.com
Direct (602) 692-4288
www.PhoenixCommercialRealEstate.com
