Eagle Quest Properties

PHOENIX-For the second time in two weeks, a bulk condo deal in foreclosure has ended up in the portfolio of a Canadian buyer. Les Hartland of Condo-Condo Holdings Inc. in Calgary, Alta., paid Corus Bank NA $4 million to acquire 37 units from the 80-unit Biltmore Palms condominiums in an off-market transaction.

The transaction for the units at 4343 N. 21st St. comes less than two weeks after another Canadian buyer, Jeff Appleton, bought the remaining 186 units out of foreclosure from the 276-unit Hawthorne on Third Avenue. In the came of Biltmore Palms, a San Diego, CA investor had bought the 10-year-old asset, known at the time as Andover Square, for $12.45 million, but was only able to sell 43 units following the conversion.

via Canadian Snags 37 Units From Foreclosure.