Kingston Properties Sale of residential condominium unit

Posted: May 12, 2014 at 12:00 am

Kingston Properties Ltd has advised that through its wholly owned subsidiary Kingston Properties Miami LLC, has successfully concluded the sale if one of its 19 residential condominium units for approximately US$200,000 (J$22 million), realizing a 34% total return over the holding period. This decision is part of a broader plan to sell a total of 4 units and re-invest the proceeds in a 19-unit residential apartment building (13,937 square feet) in an area of Miami that is close to its downtown and is beginning to see renaissance. One of the remaining three unit is under contract with an expected close date of May 31st. Two are in negotiations.

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