Property Types Multi-Family
May 16, 2008
Commercial Alliance Group has purchased from Centex Homes 31 condominium units that never sold in the Palm Coast Resort's 72-unit Waterways South building just outside of Orlando. The real estate development and financial services firm released a $6.3 million private equity offering; $4.2 million of that sum was sold or committed before the acquisition closed. The firm expects the private equity offering to reach completion by May 31. Commercial Alliance will offer the one-year-old residences for sale at 50 percent of Centex Homes' August 2006 pre-construction prices, and will also consent to renting the units on a nightly basis.
Commercial Alliance Group has purchased from Centex Homes 31 condominium units that never sold in the Palm Coast Resort's 72-unit Waterways South building just outside of Orlando. The real estate development and financial services firm released a $6.3 million private equity offering; $4.2 million of that sum was sold or committed before the acquisition closed. The firm expects the private equity offering to reach completion by May 31. Commercial Alliance will offer the one-year-old residences for sale at 50 percent of Centex Homes' August 2006 pre-construction prices, and will also consent to renting the units on a nightly basis.
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