AZTEC ARRANGES $23.575 MILLION SALE OF OAK GROVE APARTMENTS LOCATED IN NORTH MIAMI, 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 Oak Grove Apartments located in North Miami, Miami-Dade County, Florida for $23,575,000. This transaction represents one of the few sales of a large rental apartment community to an income buyer. The existing financing precluded the Purchaser from prepaying the loan allowing Maxx Properties, a New York based investor, an opportunity to complete their 1031 exchange.

Aztec Managing Director, Michael Stein, says “this transaction represents a value added repositioning play in a very tight rental market.” This is the fifth transaction Stein has completed with Maxx Properties and adds to the $700 Million in sales and financing Stein has completed in 2005.

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.