AZTEC ARRANGES $102.5 MILLION SALE OF MONTICELLO APARTMENTS, MIAMI LAKES, 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 Monticello Apartments located in Miami Lakes, Miami-Dade County, Florida for $102,500,000.

Monticello Apartments is an 856-unit garden-style apartment community with approximately 701,852 square feet of rentable area. Completed in 1985 and 1987, the property consists of 35 two and three story residential buildings on approximately 33 acres.

Michael Stein, Managing Director, and Peter Mekras, Associate of Aztec Group, Inc. represented Fairfield Residential in the disposition of Monticello Apartments to Monticello 856, LLC. Monticello 856, LLC plans an immediate condo conversion of this property. This transaction represents one of the largest condo conversions of garden-style apartments in Miami-Dade County. Aztec has been involved in the sale of this asset twice in the past two years.

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.