The Real Deal Miami

Bulk buyers take CityPlace units

November 08, 2010 09:45AM

CityPlace South Tower

An investment firm based in Dallas is purchasing the remaining 308 units
in CityPlace South Tower in downtown West Palm Beach. According to a
source familiar with the deal, the price of the project is between $63
and $65 million, which works out to around $180 per square foot. The
firm, Gulfstream Capital Partners, is expected to close on the deal
tomorrow. Related, the developer of the project, had handed over control
of all 420 units to a lending group led by Scotia Capital in a friendly
foreclosure. [SFBJ]