SunTrust sells 36 Palencia units to investors

Historic City News learned that about 80 percent of the mixed-use residential and commercial units at Village Square in Palencia have sold to a private investment group for $2.7 million, or $53.90 per square foot and $74,639 per unit.

CRM Florida Properties LLC bought 36 of the 45 units in the project from SunTrust Bank July 30th, according to public records and the brokerage firm involved.

Batey McGraw and Erik Bjornson of Walchle Lear Multifamily Advisors confirmed that twenty-three of the units on Market Street within the Palencia master-planned community are residential.

The other 13 are commercial units that could be used for either office or retail purposes.

The Village Square project was built in 2007 and includes a total mix of 24 residential units and 21 commercial units.

Category: Business