ORLANDO—Lender-owned apartments may be harder to find, butinvestors who find dig them out are finding value-added bargains.The latest examples are the Old Cheney and Abbyapartment complexes, which just traded for $1.4million.
The two lender-owned multifamily propertieswere 100% vacant for four years before the sale going throughforeclosure with multiple partners. Thesales price works out to $20,000 per unit and $31.42 per squarefoot.
Franklin Street's KevinKelleher, Darron Kattan, RobertGoldfinger, and Zach Ames represented thebuyer, a local investor. The group also represented theCalifornia-based lender.
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