Edmunds Buys 105-Unit Opus Condo Tower

[IMGCAP(1)]IRVINE, CA-Developer Geoffrey Edmunds & Associates of Scottsdale, AZ has acquired the 105-unit 3000 The Plaza condominium tower from Opus West, which filed for Chapter 11 bankruptcy protection last month. Edmunds, which was a partner with Opus in the previous ownership structure of the 15-story condo, says that it decided to pursue sole ownership to complete the sellout of the project at the intersection of Jamboree Road and Campus Drive.

[IMGCAP(2)]Fifty of the 105 units have been sold and 10 more are in escrow, according to Edmunds. Geoffrey Edmunds, founder of the Scottsdale-based development firm, says that one of the reasons he pursued the deal was that, “There will always be demand for high quality housing in premier locations such as Irvine.” The 3000 The Plaza tower is the third and final phase of a three-tower luxury condominium project. Edmunds was also a partner in the first two phases, which have sold out.

Edmunds said in a statement that the project’s appealing location, luxury amenities such as “Orange County’s first rooftop pool and unique lifestyle opportunities” persuaded him to invest his own capital to rescue the project from a likely foreclosure. “It’s important that residents and prospective buyers know that we are maintaining the overall health and quality of the project, and we are moving forward with the sale of the remaining homes,” he said.

The acquisition, terms of which were not disclosed, allows the new owner to close escrow on the 10 units already under contract, Edmunds said. The remaining units are on the market at prices starting in the $600,000 range.