Salazar Jackson Closes Sale of Miami Apartment Building

July 1, 2014 Posted in Firm News

On July 1, 2014, Salazar Jackson closed on the sale of a 22-unit residential apartment building to 747 Property, LLC for $1.59 million – all cash. The sale was approved by U.S. Bankruptcy Judge A. Jay Cristol at a hearing on June 18, 2014. 747 Property, LLC won the bid for the property at a bankruptcy auction conducted by Linda Worton Jackson, Co-Founder of the Miami-based law firm Salazar Jackson, counsel to the bankruptcy trustee.  Maria Yip served as the bankruptcy trustee for the original owner.

“This is an area that was one of the worst in the city, but now investors see it as an opportunity and a great investment,” said Jackson.

Sperry Van Ness Commercial Realty brokered the sale, which will be sufficient to pay all creditors in full.

The buyer outbid two other bidders at the auction. The property, located at 747 NE 83rd Terrace, will be maintained as an apartment building. The original owner filed for Chapter 7 bankruptcy in February 2014 to prevent foreclosure.

 

###

About Salazar Jackson LLP

Salazar Jackson LLP (http://www.salazarjackson.com) is a Miami-based firm that serves individuals and businesses facing financial crisis, complex commercial litigation or government investigations as well as those seeking to seize financial or business opportunities through startups, mergers, acquisitions and divestitures. They represent clients in matters throughout the country.