Corriente Residences Now Managed by Denver-Based Condo Capital Solutions

SCOTTSDALE, Ariz., Jan. 7 /PRNewswire/ -- Corriente Residences, a 192-unit, eight-building condominium community in Scottsdale, Ariz., is now under the management of one of the nation's most experienced, well-capitalized condominium development companies - Denver-based Condo Capital Solutions (CCS).

Corriente Residences went to foreclosure sale December 30, 2009 and CCS is now the owner. CCS purchased the Starpointe Communities construction loans for both Corriente and Aderra Condominium Residences last August for an undisclosed price.

"Condo Capital Solutions saw this as an opportunity to expand its presence in Arizona and to bring financial strength, 25 years of development expertise and a successful marketing approach to the marketplace," said Holly Rasmussen, vice president of sales and marketing for CCS.

Starpointe Aderra Condominiums Limited Partnership decided to file for bankruptcy protection on December 30, 2009. The Aderra Condominium Residences, at 11640 N. Tatum Blvd. in Phoenix, continues to be managed by Starpointe Communities.

Corriente Residences, located at 7601 E. Indian Bend Road in Scottsdale, offers one- and two-bedroom condominium homes. More than 50 of the 72 completed units have been sold. CCS intends to continue to complete the five remaining buildings as the market demands.

To date, CCS has acquired completed and partially completed condominium projects, valued at approximately $150 million in the past year.

The company was recently recognized in the national media spotlight for the $20.3 million purchase of 64 unsold condominium units at Bridgeview Condominiums on the south shore of Tempe Town Lake.

The company also owns and is marketing two projects in Tucson - Rio del Sol Condominium Homes and Boulder Canyon at La Reserve.

About Corriente Residences

Corriente Residences is conveniently located in the heart of Scottsdale, Arizona, just minutes away from world-class shopping, dining and outdoor recreation. Situated on Indian Bend Road between Scottsdale Road and the Loop 101, Corriente is adjacent to Silverado Golf Course and across the street from McCormick Ranch Golf Course.

At completion, the eight-building, three-story community will include 192 units. It offers one- and two-bedroom condominium homes ranging in size from 1,048 to 1,547 square feet. Corriente Residences offers luxury amenities, including a fitness center, heated outdoor pool and spa, underground parking and a community center.

Corriente is among the first large-scale condominium communities to qualify under the city of Scottsdale Green Building Program. The Green Building Program is designed to improve resource efficiency, reduce operations costs, conserve nature resources and protect the environment, rating various environment impact areas including site use, energy use, indoor air quality, building materials and water use.

For more information, please visit www.livecorriente.com.

About Condo Capital Solutions

Denver-based Condo Capital Solutions specializes in investing in distressed real estate with a focus on condominium projects. The company has developed a portfolio approaching 40 communities nationwide, including projects in Arizona, Colorado, Florida and Texas.

For more information, please visit www.condosolutions.biz.

SOURCE Condo Capital Solutions