Scottsdale-based developer Geoffrey H. Edmunds & Associates Inc. has acquired full ownership of the 3000 the Plaza condominium tower in Irvine, the company said on Friday.
Edmunds was a partner with Phoenix-based Opus West Corp. on the 15-story tower, which opened last year and is about half sold to homeowners.
Opus West filed for bankruptcy protection in July.
The condo tower and an office tower in Irvine that the company built were both expected to be sold at an auction this month.
Geoffrey Edmunds, founder of the builder, said he decided to pursue sole ownership to complete sales of the 105-home project, which is near John Wayne Airport.
Terms of the transaction weren’t disclosed.
The 3000 property, which has a rooftop pool, had $37.4 million in debt tied to it as of last month, according to Opus’ marketing materials.
Opus had an 85% stake in the project, according to the company’s materials.
The deal to buy out the remaining stake in the property should allow the company to close escrow on 10 condos at the tower that are under contract, Edmunds said.
“I’ve been in business for more than 35 years. And I’ve finished every project I’ve started,” President Geoffrey Edmunds said in a statement.
Edmunds and Opus also worked together to build a pair of condo tower next to 3000 the Plaza. Both those high-rises are said to be sold out.
