Airport Villas Investment purchased a 90-unit apartment complex near Miami International Airport for $6.5 million, the South Florida Business Journal reported, a discount of about 13 percent on its foreclosed mortgage. The purchase is just the latest in a string of distressed acquisition by the principals of Airport Villas Investment, Stephan Gietl and Fernando Levy-Hara.
TotalBank foreclosed on the complex, spread across two buildings at 4325 and 4335 NW Tamiami Canal Drive South and known as Airport Villas Suites, in October after previous owners Out Island Properties defaulted on a $7.5 million mortgage.
Gietl and Levy-Hara, who took out a $4.2 million mortgage to complete the acquisition, have said they seek to buy developments below replacement cost and hold them until a willing buyer, often foreign, pays a higher price. [SFBJ]