Miami Lakes (West Dade) – BANK REO - 94 units failed condo conversion in Miami Lakes. Total units in project are 780 units and these 94 units are situated throughout the project (these are located primarily in the Coral East, which has 356 units. The West units have 424 units. The project was originally built in 1972. Rents range from .90 cents a foot for larger units (14 two bedroom units) up to $1.70 a foot for smaller units (48 studios and 32 one bedroom units). Property is 66% leased at this time. This is an REO and will be a direct asset purchase from the bank. Note is approximately $7MM, the potential price may be in the $4 to 4.5MM range.