SCOTT FUERST REPRESENTS LOCAL FIRM IN $18 MILLION PURCHASE

Dealmaker: Attorney Scott Fuerst

The Deal: Fuerst represented an affiliate of the Fifteen Group, a Miami Beach-based real estate investment firm, in its purchase of two multifamily rental properties in Orlando for $18 million. The sellers were affiliates of Olympus Real Estate Partners of Dallas.

The Details: On July 31, Fifteen Group bought a total of 599 units in the Dover Oaks and Sunset Landing complexes for $30,050 per apartment. "They are not new apartments," Fuerst said. "They need a considerable amount of work."

Citigroup Global Markets Realty Corp. loaned $17 million with the stipulation that the buyer post about $3.5 million in an escrow account to be used primarily to renovate the two Class C rental communities that were built in 1968. The Fifteen Group is a 15-year-old real estate investment group with a portfolio of 14,000 units that specializes in Class B and C multifamily developments in six southern and western states. Principals of the firm are brothers Mark and Ian Sanders.

Background: Fuerst, who has specialized in real estate deals for 28 years, is a partner with Ruden McClosky Smith Schuster & Russell in Fort Lauderdale. Fuerst has represented Fifteen Group in transactions for nearly five years.