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Marcus & Millichap’s Institutional Property Advisors Division Brokers $90.5 Million Sale of 400 Multifamily Units in West Palm Beach

MMI
  • Institutional Property Advisors (IPA) announced the $90.5 million sale of the 400-unit Ponte Verde at Palm Beach Lakes to New Jersey-based Kamson Corp.
  • The transaction represents one of Florida's largest condominium-to-multifamily rental conversions.
  • The sale is brokered by Luke Wickham, Evan Kristol, Shelton Granade, & Justin Basquill.
  • The Condominium Association retained an affiliate of the Condominium Advisory Group LLC, led by John Cadden & Michael Fish, to serve as trustee.
  • The conversion addresses challenges including Florida Building Safety Act reserve requirements & rising operating expenses.
  • The property features 24 buildings, a clubhouse, two pools, two racquetball courts, & a dry sauna with an average unit size of 901 square feet.
  • The location offers proximity to Bear Lakes Country Club, Tanger Outlets, CityPlace, & over 169,000 jobs within a five-mile radius.
  • The deal highlights a trend of condominium reconversions in Florida driven by maintenance costs & evolving regulatory requirements.