Oct. 13, 2009 (Business Wire) -- Three residential tracts in central Florida, languishing in foreclosure for nearly two years, have closed escrow, according to Tigg Mitchell, Director of Brokerage Services for Douglas Wilson Companies.

All three properties were thrown into foreclosure when one of the nation’s largest home builders, Levitt & Sons, filed for bankruptcy in November 2007. Loans for the three tracts of finished lots were held by Ohio-based KeyBank.

“It’s a positive sign to see builders coming back into the marketplace and purchasing properties with unrealized potential,” says Mitchell. “Our goal with this portfolio was to minimize the bank’s loss and help them move forward.”

Douglas Wilson Companies also assisted the bank by providing receivership and asset management services for the three properties. “Brokering the sale of these distressed properties is a natural extension of our services.”

The three residential tracts brokered by Douglas Wilson Companies include:

• Townhomes at San Simeon, 88 finished lots in a gated community in Ft. Myers, Florida
• Cascades at Southern Hills, 141 finished lots in a gated community in Brooksville, Florida
• Seasons at Traditions, 263 finished lots in a gated community in Port St. Lucie, Florida

“Our goal was to assure that valuations were accurate and realistic, then reach out to a targeted audience of single family developers and land holding companies,” says Mitchell.

Douglas Wilson Companies is headquartered at 450 B Street in the financial district of downtown San Diego. It also has offices in Atlanta, Las Vegas, Orlando, Miami and San Francisco. For further information, call 619-641-1141 or visit www.douglaswilson.com.

ABOUT DOUGLAS WILSON COMPANIES

Founded in 1989, San Diego-based Douglas Wilson Companies is one of the largest firms of its kind, providing a wide range of specialized business and real estate services to law firms, state and federal courts, corporations, partnerships, pension funds, REITS, financial institutions and property owners nationwide.

Services include workout and problem resolution, crisis/force majeure response, asset management, consulting, business planning, receivership, development, entitlement, and construction management. To date, the company has provided problem resolution for more than 500 projects involving assets valued in excess of $8 billion.