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Tel: +1 (905) 415-9267 or +350 200 400 48

lorida investor purchases condos in North Dallas

4th Oct, 2012back

178 A Florida real estate investor with apartment, luxury hotel and resort properties all across the United States has purchased the unsold units remaining in a condo building in North Dallas.  On Tuesday, Galic-Sorrento LLC took the deeds to 59 units located in the Turtle Creek Boulevard Sorrento condominium building, just north of Northwest Highway.  The company foreclosed on the property following the investor’s acquisition of the debt on the units located in the building from Compass Bank three months ago, back in July.


The new owner is located at the exact same address as Brothers Property Corporation of Coral Gables, with a top officer of the company having been identified as the vice-president of Galic-Sorrento by Dallas County records.  Brothers Property is the company that made the foreclosure postings for the Sorrento building in Dallas County. 


Brother Property manages, owns or holds the debt on a number of different properties, including Pittsburgh’s historic Pennsylvanian residential building, Coral Gables, Mountain View Resort and the Biltmore Hotel in New Hampshire, and the Sagamore Resort located in New York State. 


The five-story Sorrento condo building was constructed six years ago, back in 2006, with the 97 units having originally been priced from $245,000 to over $500,000.  “The new investment group is very patient and intends to seek maximum value for the remaining condominium units,” says developer Guy Brignon, who confirmed on Tuesday that the foreclosure sale had indeed taken place.