The Real Deal Miami

Bulk buy beats foreclosure

September 22, 2009 08:56AM

A Boca Raton investment group bought 103 units in the West Palm Beach condominium development Grand Isle, paying about $60,000 a unit in a pre-foreclosure sale, according to a report yesterday. Sperry Van Ness handled the $6.2 million sale on behalf of KeyBank, the project’s first-position lender, and Fort Lauderdale-based Michael Moecker & Associates, the property’s assignee. Naples-based Grand Isle FL-PFG paid approximately $50 million for the 320-unit complex in 2005, and sold 217 units before the market collapsed.