Growth Properties of Florida, Ltd. v. Wallace

Shulman, Chief Judge.

Appellant/cross-appellee William Wallace purchased the Belvedere Apartments in December of 1973. After making substantial improvements, he sought to resell the apartments for a profit. Wallace entered into an agreement with appellee/ cross-appellant Growth Properties of Florida, Ltd., IV, whereby Growth Properties agreed to purchase an 85% interest in Belvedere, Ltd., the entity which was formed to own and operate the Belvedere Apartments. In June 1974, a limited partnership agreement was entered into between Wallace, as general partner, and Growth Properties, as the sole…