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South Florida

South Florida apartments in crosshairs of Miami investor

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Parmenter Realty Partners of Miami is raising its fourth investment fund as it seeks to buy $2 billion worth of commercial properties, including South Florida multifamily assets. The real estate investment and management company has set a target of $500 million in equity commitments. Parmenter Realty invests in distressed and/or undermanaged infill office properties in the Southeast and Southwest. It is considering multifamily properties in South Florida, which has been besieged with tens of thousands of vacant condominium units and projects seeking bankruptcy protection.