Florida REO Managers, Inc. announces sale of Arthur Court Apartments in Lakeland by City National Bank of Los Angeles

ORLANDO, Fla. --- Florida REO Managers, Inc. (www.floridareomanagers.com), an affiliated company of Realty Marketing Associates, based in Orlando, recently announced the sale of Arthur Court Apartments in Lakeland by City National Bank of Los Angeles.

Ron Schwartz, principal at Florida REO Managers, said nine residential units were included in the sale.

Kevin Kelleher of Franklin Street Real Estate Services negotiated the sale, Schwartz said.

The undisclosed buyer paid $140,000 for the property or $15,555 per unit. Arthur Court Apartments were not occupied at the time of the sale.

Florida REO Managers provides local and statewide management and court appointed receivers of residential apartments and commercial properties that have been taken by out-of-state lenders in foreclosure.

“We work with out-of-state lenders and attorneys who have taken back Florida properties, or who need a receiver to make sure that the borrower’s property continues to be maintained properly during the sometimes lengthy foreclosure process,” Schwartz said.