DULUTH, MN-A potential buyer has come out for a 166-unit townhome project near Duluth. The News-Tribune reported that Philadelphia-based Resource Real Estate Inc. has acquired the defaulted mortgage note on Deerfield Luxury Townhomes, a rental complex in Hermantown, for $10.3 million.
The complex is currently owned by Montvale, New Jersey-based Empirian Property Management Inc. Resource Real Estate is specialized in purchasing distressed assets and resells them after doing improvements. For the full story, go to Minneapolis/St. Paul Business Journal .
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