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Apartment Developer Eyes Profit of $2.65 Mil on $12 Mil Deal

MIAMI-National Residential Properties Inc. will build a 60-unit complex on exclusive Bay Harbor Island for about $8.5 million, then sell it immediately to Royal Investments & Realty Group. Bay Harbour Island is nine miles north of Downtown.

By David R. Corder | Updated on March 22, 2001

MIAMI-National Residential Properties Inc. has negotiated the $12 million sale of a planned 60-unit apartment building on exclusive Bay Harbor Island, about nine miles north of Downtown.

The locally based real estate development company signed a contract to sell the planned Residences at Bay Harbor to Royal Investments & Realty Group Inc.

If the deal closes under the negotiated terms, Richard Astrom, National Residential president and chief executive officer, expects his publicly traded company to earn about $2.65 million in gross profit, according to his prepared statement.

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