MIAMI-Aztec Group, Inc., a Miami-based firm, has negotiated the purchase of $16.9 million loan on Palo Verde Apartments in West Palm Beach. The firm represented South Florida-based private investment group, Palo Verde Investors, LLC in the acquisition.
The 276-key rental apartment complex, which was built in 1973, is located centrally in the Palm Beach County and is more than 90% leased. The lender filed a foreclosure suit against the current owner and the foreclosure sale is slated for January 27, 2011. For the full story, go to Florida Real Estate Journal.
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