Condominium – Sold
Number of Units: 53
In December 2009, CCS purchased the remaining 53 units (of 124 total) of a luxury, high-rise condominium project in Palmetto, Florida. CCS acquired the units at $47 per square foot from Huntington Bank, who foreclosed on the project earlier that month. The strategy to immediately implement a sales program and apply for FHA approval proved extremely successful; CCS closed out of the project with returns ahead of expectations.