The previous owner was not planning to sell the property and it was not put on the market, Joshua Schrager, a broker in the sale, tells GlobeSt.com. "It was an unsolicited offer that they couldn't refuse," according to Schrager. In addition, he says, "It was probably the fastest sale we've ever done. The guy just bought it."

Paul Whalen and Schrager of Whalen Realty Capital LLC, a Hollywood, FL, real estate investment banking firm, represented Kendall Lake Towers LLC in the transaction.In December 1996, Kendall Lake Towers LLC bought the property for approximately $5.2 million, according to the Miami-Dade County property appraiser's office—which also puts the property's 2003 market and assessed values at $12 million each. Kendall Lake Towers is a class B, gated community with a few amenities. Located at 15221 S.W. 80th St., the four-building apartment complex was finished in 1992 and is considered low-income housing. The complex totals 271,385 sf.

Although the buyer currently does not own other properties in South Florida, according to Schrager, he does have plans to purchase other multifamily properties in the area.