Airport Villas Investment purchased a 90-unit apartment complex near Miami International Airport for $6.5 million, the South Florida Business Journal reported, a discount of about 13 percent on its foreclosed mortgage.
TotalBank foreclosed on the complex, spread across two buildings at 4325 and 4335 NW Tamiami Canal Drive South and known as Airport Villas Suites, in October after previous owners Out Island Properties defaulted on a $7.5 million mortgage.
Airport Villas Investment, headed by Stephan Gietl and Fernando Levy-Hara, took out a $4.2 million mortgage to complete the acquisition. [SFBJ]
www.imperialrealestategroup.com
No comments:
Post a Comment