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Another Condominium Project Has Sold Out

Slowly but surely, that glut of condominium inventory you used to hear so much about is dissipating. Owners ST Residential and their brokers The Marketing Directors announced yesterday that the 150-unit Sandy Springs condominium development Serrano was officially sold out, with sales prices averaging $145k. Serrano was among the assets of the failed Corus Bank portfolio; ST Residential is the operating company fronting the consortium led by Starwood Capital that purchased the bank's assets from the FDIC. The announcement comes on the heels of the same team's March sellout of the Midtown condominium tower Luxe, another Corus legacy asset. ST Residential is still working through inventory at The Brookwood and One River Place.