Miami foreclosures for sale have been rising in number in the multifamily sector. Investors interested in apartment, condominium and other multifamily properties can take a look at these properties which are being foreclosed and repossessed by banks in Miami.
Among these multifamily complexes being repossessed is the 117-unit multifamily complex in Miami Beach called Terra Beachside Villas. Investors can have an easier time buying units from this complex because the mortgage acquirer, BNH 6000 Collins, had a friendly foreclosure agreement with the defaulting developer, even allowing the developer to continue selling units.
BNH 6000 Collins, a subsidiary of BH III LLC, acquired the original mortgage of $46.4 million this month from Regions Bank, which foreclosed the property in December 2008. Gregory Freedman, head of GMC Mortgage Capital and who co-manages BH III LLC with Charles Phelan and Daniel Labersohn, said that his group was able to purchase the property from Regions Bank at a price lower than the original bid they offered the bank about 13 months ago.
Freedman said his group wanted the building because of the good location and the quality of construction. His team has hired Ironbridge to finish the 95-percent complete building so that units can be sold starting March next year. He said sales prices will range from $299,000 for one-bedroom units to $1 million for three-bedroom units.
Another multifamily entering lists of Miami foreclosures for sale is the two-building apartment complex along Tamiami Canal Drive called Airport Villas Suites. These apartment buildings have 45 units each and feature a fitness center and a swimming pool. There are also units furnished with satellite TV and Wi-Fi.
The developer, Out Island Properties, failed to pay the $7.5 million loan it took out in April 2008 from TotalBank, which has launched a foreclosure lawsuit claiming $8.5 million. Out Island purchased the buildings in 1997 for $3 million.
Investors can also look at condo units at the South of Fifth condo complex in South Beach. This 28-unit seven-story mixed-use building, developed by BR Villa Luisa, was foreclosed by iStar FM Loans, which launched a foreclosure action to collect $78.9 million. Only three units were sold by the developer, leaving 25 unsold units for iStar to claim.
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