Related sells Miami apartment complex

An affiliate of the Related Group has sold the 300-unit Palm Lake
Apartments on NW 115th Street in Miami to a California-based non-profit
housing group. Park Lake Associates, which is controlled by Related,
sold the complex for $15 million on Sept. 8 to TRG-Palm Lake, which is
managed by the Rainbow Housing Assistance Corp., based in San
Francisco. The amount of the sale is roughly the amount of the
outstanding mortgage on the property. Rainbow specializes in affordable
rental housing. [SFBJ]