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CORAL SPRINGS, FL-The 42-unit complex at 4900 Riverside Dr. in Coral Springs, 40 miles north of Downtown Miami, has a new owner for the fourth time in 15 years. Palm Crest Apartments of Bethesda, MD paid Sutton Place Management Inc. $2.9 million or $69,048 per unit for the asset which has undergone two foreclosures to date.

A 1985 foreclosure sale brought in $1.43 million or $34,048 per unit. In 1990, the property was sold for $2.1 million or $50,000 per unit to a company headed by Mary Ann Tabone. The current seller bought the asset at a second foreclosure sale in 1993 for $1.65 million or $39,286 per unit.

Preston Park Corp. is the buyer’s general partner. Andrew Mann is the agent. Sutton Place principals are Barbara A. and John Cirino.

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