The Real Deal Miami

Investor takes 335 units in Miami

December 23, 2010 10:26AM

V & E Investments has purchased 335 units at the Residences at the Falls in southern Miami-Dade County in an auction. The final bid was for $14.1 million on the property, which is located at 13841 SW 90th Avenue near the Falls shopping mall. The deal was handled by Francis Santos and Lamar Fisher of Fisher Auction Company. The units went to auction after the trustee overseeing the project filed a motion to put the units up for bankruptcy. There are 628 total units at the property, which was acquired by Lucky Chase II, part of Pittsburgh-based Deaktor Development, in 2005. It was hit with a $28.9 million foreclosure in 2008. [CoStar]