Portland Place Lofts, Phoenix - Big News On 4/6/06

Portland Place was just sold to Crescent Resources, a subsidiary of Duke Energy. According to information I found on the web Duke Energy had net income of $1.82 billion in 2005. According to the Crescent Resources website it is "a real estate development and land management company" established in 1969 with land, commercial developments and residential communities, primarily in North Carolina and Florida but also in Georgia, South Carolina, Texas and Arizona. The Arizona holdings consist of two golf course clubs/residential communities in Payson; The Rim Golf Club and Chaparral Pines.

I have always loved the architecture, floor plans, location, amenities, etc of Portland Place. However, I have been concerned about the financial wherewithal of the developer. With the sale to a financially huge company like Crescent Resources, those concerns have been put to rest. Now, the only think I'm worried about is that the new owner might raise prices or do something else to damage the good will that the former sales team has built. I'll wait and see.