ORLANDO—Lender-owned apartments may be harder to find, but investors who find dig them out are finding value-added bargains. The latest examples are the Old Cheney and Abby apartment complexes, which just traded for $1.4 million.
The two lender-owned multifamily properties were 100% vacant for four years before the sale going through foreclosure with multiple partners. The sales price works out to $20,000 per unit and $31.42 per square foot.
Franklin Street's Kevin Kelleher, Darron Kattan, Robert Goldfinger, and Zach Ames represented the buyer, a local investor. The group also represented the California-based lender.
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