MIAMI, Oct. 11 (UPI) -- Earvin "Magic "Johnson is investing in a $120 million condominium project in Miami's Little Havana section, the former Los Angeles Lakers star said.
Through an investment fund he heads, he will be the majority owner of a 395-unit condo development with two 19-story towers called Morrison, Johnson told a Miami news conference Wednesday.
The deal comes as the housing market has gone cold. But some developers think prospective home buyers priced out of the market are looking to buy at "attainable" prices, particularly near where they work, The Miami Herald reported.
Most of Morrison's units will cost from $250,000-$350,000, with a 5 percent down payment, as opposed to the typical 20 percent.
Johnson, a basketball star both in college and the NBA, formed Canyon-Johnson Urban Funds with Bobby Turner in 1999. The fund invests in projects in neglected urban areas poised for revitalization.
