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$8.6M Settlement In Florida Serves As Cautionary Tale for Commercial Real Estate
Coral Gables attorneys obtained an $8.6 million settlement in a case that is part of a larger trend in the affordability crisis in Florida.
Michael Haggard and Adam Finkel of the Haggard Law Firm — who represented the plaintiff, the estate of Fred McCrimmon Martin, an Orlando tenant of Vista Haven Apartments, owned by the defendants, SREIT Vista Haven LLC and Highmark Residential LLC — stressed the importance of background checks and similar actions.
"The state gave a billion dollars to all these developers to build a million new apartments," Haggard said. "What's going to happen with affordable housing is that people are going to be living under the radar, trying to get under the leases and do not live there, and apartment owners need to be aware of that because they could be liable for that."
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In June 2024, the First Department decided Huguenot LLC v. Megalith Capital Group Fund I, L.P., which resolved a question of liability for a group of condominium apartment buyers and in so doing, touched on a wide range of issues about how contracts can obligate purchasers of real property.
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