West Palm Beach's Green Terrace, 84 Units, Sells in Bankruptcy

A condo community at 2800 Georgia Ave. in West Palm Beach has sold out of bankruptcy for $13.5 million, according to CBS12. The buyer is Green Terrace Owner, LLC, and the sale was run through the Chapter 11 trustee, Daniel J. Stermer. The Real Deal headlined the deal as roughly $14 million, so treat the exact figure as reported in a range.

The seller was not a single owner. It was Green Terrace Condominium Association, Inc., which governs 84 units across 13 buildings and a clubhouse.

Why it matters

This is a whole condo community changing hands in one transaction, not a unit sale. The association owed the City of West Palm Beach more than $1.4 million in unpaid water bills, per CBS12, and the court docket shows the association had been here before: it filed Chapter 11 on April 25, 2017 under Case 17-19188 and exited in March 2019, then filed again in April 2025.

For agents, the open question is what happens to resident owners. CBS12 reports it is unclear what the new owner plans or what the sale means for residents. For developers, it is a bulk-assemblage route that avoids chasing owners one by one. See our South Florida coverage for similar distress plays.

The numbers

• Sale price: $13.5 million, about $160,700 per unit across 84 units (our arithmetic).
• Unpaid city water bills: more than $1.4 million.
• Footprint: 13 buildings plus a clubhouse near I-95 and the Brightline station.
• Zoning: allows 20 to 40 residential units per acre depending on project type, per CBS12.
• Court: Southern District of Florida Bankruptcy Court, Case 25-14568, Judge Mindy A. Mora.

Avison Young principal John K. Crotty said the offering combined scale, location and future development potential.

What’s next

Watch for what Green Terrace Owner, LLC files with the city and the Palm Beach County clerk. A redevelopment application, a condo termination or a resale of parcels would show whether this is an assemblage play or an operating hold. The bankruptcy docket should also show how sale proceeds were split between the city and other creditors. We have not verified a buyer principal or the assessed value on the Palm Beach County Property Appraiser site, so those remain open.