W. Palm Beach Investor Buys Condo Property, Converting to Apartment Units
Kamson Corp. paid $90.5 million for a 400-unit condominium complex in West Palm Beach, with plans to convert the units into apartments. An Institutional Property Advisors team consisting of Luke Wickham, Shelton Granado and Justin Basquill, along with Evan Kristol from Marcus & Millichap, brokered the sale.
“The highest and best use of this property is conversion from condominium to multifamily rental,” said Wickham. “Extraordinarily strong demand for housing in Florida, and in West Palm Beach in particular, helped make this asset a compelling opportunity for investors who recognize the upside potential in the asset and location.”
Ponte Verde at Palm Beach Lakes is a gated, two- and three-story garden-style property with 24 residential buildings and a clubhouse. Common area amenities include two swimming pools, two racquetball courts, and a dry sauna. Units have open floor plans, large closets, and ceiling fans. The average unit size is 901 square feet.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout