AZTEC ARRANGES $27.5 MILLION SALE OF PALMETTO TOWER APARTMENTS LOCATED IN 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 Palmetto Tower Apartments located near Dadeland Mall, Miami-Dade County, Florida for $27,550,000.

Palmetto Tower is a 158-unit apartment community with approximately 172,000 square feet of rentable area. Completed in 1971, the property consists of 2 eight-story residential buildings on approximately 4.4 acres.

Peter Mekras, Associate of Aztec Group, Inc. represented the Buyer. The property was acquired by a local rental operator and condominium converter.

The purchase price of $174,367 per unit represents one of the highest prices paid for a 1970’s built property in Miami-Dade County.

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.