Malibu Lakes, a 356 unit lakefront apartment complex in North Naples, sold for $32m this week. It was originally purchased by a developer for $83m in October 2005, with the intention that it would be converted to condominiums. It was one of the largest foreclosures seen in Collier County. Whoever purchased the property negotiated directly with the lender to complete the sale.

The purchaser says the units will remain rentals and has no plans to complete the conversion.

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