July 26, 2007 CONTACT: Peter Mekras (305) 938-8609
AZTEC ARRANGES $6.4 MILLION SALE OF
ATLANTIC PARK GARDENS IN MARGATE , FLORIDA Miami , Florida -- Aztec Group, Inc., Florida 's leading real estate investment and merchant banking firm based in Miami , is pleased to announce the sale of Atlantic Park Gardens located in Margate , Broward County , Florida for $6,410,000.
Atlantic Park Gardens is a 76-unit garden-style apartment community. Completed in 1974, the property consists of 4 residential buildings on approximately 3.77 acres.
The Purchaser is a local condominium converter and acquired the property with significant damage and need for capital improvements. The property was sold 100% vacant and inhabitable due to hurricane damage it sustained in 2005. Units will be sold with incentives and completely renovated with one bedrooms from $139,900, two bedrooms from $169,900, and three bedrooms from $209,900.
Peter Mekras a Director of Aztec Group represented the sale and has completed over $150,000,000 in multifamily transaction representing 1,200 units in 2007.
Founded in 1981, Aztec Group, Inc. is a full service real estate investment and merchant banking firm specializing in facilitating the acquisition, disposition, financing and capital needs of real estate projects for institutional investors, entrepreneurs, developers and offshore clients. |