Orlando condo conversion casualties

Yet another condo conversion project has failed in its effort to cash in on the condo craze that fizzled out in late 2005, early 2006. La Palazza at MetroWest (formerly The Alexan Club Apartments) failed in its effort to pre-sell the minimum number of units by the required deadline in order to secure financing for the project. As a result the lender on the project, Lehman Brothers Holdings, Inc. has foreclosed on the property and will be auctioning it off in its original form as a mult-family/apartment property.

As more failed condo conversion projects return to the rental market, vacancies in the mult-family market are expected to rise to more balanced levels over the coming year.