MIAMI—Still looking for distressed orREO opportunities in the Southeastmultifamily market? They may be few and farbetween but deals are getting done.
The latest example is Norstar Wingate, amultifamily community that just sold for $3.4million. The sales price represents $16,113 perapartment unit.
Jake Reid and Ricky Jones ofFranklin Street represented the seller, a localinvestor. The buyer, AML GA 1001, a Floridainvestor group, plans to reposition the property. AML will hire newmanagement, address deferred maintenance, and complete generalcapital improvements to turn around themultifamily asset.
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