PALM BEACH, FL—The Related Group won the foreclosure auction for the Promenade at Palm Beach. The final price: $121 million. Related can now take title to the unsold residential and commercial inventory at the condo complex, which went into foreclosure in April.

According to Arden M. Karson, who oversees Related's acquisitions, distressed debt, and strategic operations, the Promenade transaction demonstrates the renewed availability of bank financing and market confidence. Related began acquiring distressed real estate across South Florida in 2010. To date, the firm has invested more than $600 million in various types of assets, and is successfully repositioning distressed properties.

"We are in the process of rebranding the class A water front project and are preparing to open in January,” Karson tells GlobeSt.com. “We are commissioning our top local and international brokers, who have been major factors in contributing to the success of our residential projects in South Florida. We will be bringing in exciting retail and dining concepts to create a vibrant mixed-use community for our residents. “