Condo/MF Mix Under Contract for $82M

Owens Realty Corp. has signed an agreement with Interwest Capital Corp. to sell Treasures on the Bay (TOTB) for $82 million. The property is at 1900 S. Treasure Dr. in North Bay Village, FL, and consists of 169 condominiums and 169 apartments.

Owens Financial, the management arm of Owens Realty, acquired TOTB’s mortgage from Titan Capital FL through a foreclosure auction in 2011. “We are very pleased to put this property into contract” said Bryan H. Draper, the company’s chief executive officer. “We recently completed substantial improvements to this property, further enhancing the company’s book value, and expect this sale will unlock significant embedded equity and provide cash for continued expansion of our lending operations as well as reducing our overall levels of debt.”