Vue Condos Sell for $26M in Bulk Deal

ORLANDO-A foreign investor has purchased 165 units at The Vue at Lake Eola condominium tower for $25.9 million, according to Cushman & Wakefield of Florida. A private auction for the units, along with 8,000 square feet of retail, was held last week and the bulk transaction is pending US Bankruptcy Court approval March 31.

The new owner of the Vue units was not identified, though the Orlando Business Journal reports the name as Condo Developer LLC, a Delaware corporation formed earlier this month. The 36-story, 375-unit tower was built in 2007 in Downtown Orlando.

The developer Vue Orlando LLC filed for federal bankruptcy protection last November. It owes $53 million through a single mortgage note shared by several banks.