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Related Acquires Last Prime Waterfront Site in Palm Beach for $121M

According to Arden M. Karson, who oversees Related's acquisitions, distressed debt, and strategic operations, the Promenade transaction demonstrates the renewed availability of bank financing and market confidence.

By Jennifer LeClaire | Updated on December 18, 2012

PALM BEACH, FL—The Related Group won the foreclosure auction for the Promenade at Palm Beach. The final price: $121 million. Related can now take title to the unsold residential and commercial inventory at the condo complex, which went into foreclosure in April.

According to Arden M. Karson, who oversees Related’s acquisitions, distressed debt, and strategic operations, the Promenade transaction demonstrates the renewed availability of bank financing and market confidence. Related began acquiring distressed real estate across South Florida in 2010. To date, the firm has invested more than $600 million in various types of assets, and is successfully repositioning distressed properties.

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