FT. LAUDERDALE, FL-Forest Properties Management, a real estate company based in Newton, Massachusetts, purchased the remaining 272 units at the Olivine at the Township Condominiums in Coconut Creek for $22.5 million or just under $83,000 per unit. The property previously closed 100 units with an average sales price of $227,415. The seller of the units was a consortium of lenders led by KeyBank.

The transaction was a short-sale/workout that included negotiations among three different lenders, the former owners and the buyer, says Hampton Beebe, senior vice president of Boca Raton-based ARA Florida, which represented the Prestige Builders Group, the previous owners of the property.

In 2008, the lenders for Olivine had filed a foreclosure lawsuit against Forest Pointe, 372, LLC, the legal entity which owned the complex. Beebe says that he doesn’t know the exact amount that Prestige Builders owed, but believes that it was not more than $30 million.