Green Terrace Condos Sold for $13.5 Million

The West Palm Beach residential complex was purchased through a court-approved Chapter 11 bankruptcy sale.

Updated on Oct. 5, 2026 in Commercial

Green Terrace Condos Sold for $13.5 Million

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Green Terrace Owner, LLC has acquired the 84-unit Green Terrace condominium complex in West Palm Beach for $13.5 million. The sale follows previous bankruptcy filings and legal action over $1.4 million in unpaid water bills.

Why it matters

The sale resolves a significant financial crisis for the 13-building community, which faced potential foreclosure by the city due to mounting debt. It marks a transition for the property, which is located at 2800 Georgia Ave.

The property includes 84 units across 13 buildings and a 0.32-acre parcel for the clubhouse and pool. The site is currently zoned for 20 residential units per acre, with potential for up to 40 units per acre under housing overlays.

The players

Green Terrace Owner, LLC

This is the entity that purchased the condominium complex through the bankruptcy proceedings.

City of West Palm Beach

The local municipal government initiated foreclosure proceedings on the property due to unpaid water bills.

The details

The transaction includes all condominium units and amenities, finalizing a process that stemmed from the Homeowners Association's inability to pay utility costs. The city of West Palm Beach had previously initiated foreclosure proceedings against the community.

In June 2026, residents expressed concerns regarding incoming move-out notices.
The sale of the condominium complex was officially completed in October 2026.

Culture Shift

This sale follows the processes outlined in Chapter 11 bankruptcy to settle the complex's debts, replacing individual homeowners' control with a new entity. The transition reflects a broader trend of distressed properties in urban centers being acquired for land-use optimization.

The ownership change concludes a period of uncertainty for residents who were previously issued move-out notices. Future occupants will see the site adapt under new ownership, with zoning potentially allowing for higher density development than the current 84-unit configuration.

The takeaway

The resolution of the Green Terrace debt underscores the importance of Homeowners Association financial oversight in maintaining property stability. Residents in similar communities should monitor association budgets and reserve funds to avoid similar foreclosure risks.