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Century Bank sells Coral Gables apartment building at 37 percent discount

July 22, 2011 01:11PM

U.S. Century Bank has sold a Coral Gables apartment building at 2524 LeJeune Road for $2.9 million, a 37 percent discount to the mortgage it used to foreclose on the property, the South Florida Business Journal reported. The buyer was Arc Gables, a Pinecrest-based company. The eight-unit building was seized from Valencia Investors after the Doral-based bank foreclosed on a $4.6 million mortgage. Valencia bought the site for $6.1 million in 2005. [SFBJ]