JACKSONVILLE, FL-First Market Properties, LLC has bought the Preserve at St. Nicholas apartments by acquiring its loan at a discount of nearly 50%. The mortgage on the 230-unit property in Jacksonville had $13.5 million in balance. The apartment complex located on Atlantic Boulevard in the St. Nicholas neighborhood is 78% leased.
This is the second purchase of First Market Properties via deed in lieu of foreclosure in Florida in 2011.For the full story, go to Florida Real Estate Journal.
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