BEKO Equities Extends $295M Portofino South Buyout Deadline

BEKO Equities has pushed back the deadline on its $295 million bulk buyout offer for the Portofino South condominium in West Palm Beach to Nov. 3, with holdout owners at the 140-unit waterfront tower still withholding the near-unanimous buy-in the deal needs to close.

Why it matters

BEKO, a joint venture of Miami-based Immocorp and Hong Kong-based O.D. Kobo, is running the forced condo-termination playbook that a wave of South Florida buyout sponsors are now testing on older waterfront buildings facing steep post-Surfside assessments. The math explains why the deadline keeps moving. Florida’s condo-termination statute, Section 718.117, sets an 80% owner-approval floor to file a termination plan, but it also blocks a plan outright if just 5% of the building’s voting interests formally object. In practice that forces a sponsor toward buy-in from close to the full ownership roll, not a simple 80% majority, which is why reports on this deal frame the real target as roughly 95%. BEKO says it has commitments from more than 60% of owners, meaning it still needs to close a wide gap before Nov. 3 or extend again. Portofino South’s 1971-built tower carries the kind of structural and elevator assessments, running into the millions of dollars, that have made bulk sale offers attractive to owners even at a steep all-cash price.

The numbers

BEKO’s offer values the 12-story tower at 3800 Washington Road, on Flagler Drive facing the Intracoastal and Palm Beach, at roughly $2.1 million per unit across 140 units. The bid has climbed steadily: BEKO opened at $202 million in January before raising to $295 million this summer. More than 60% of owners have signed on so far, short of the effective threshold the statute demands before a termination plan can survive a minority objection.

What’s next

The Nov. 3 deadline gives BEKO roughly two months to convert enough of the remaining holdouts, or extend a third time. For developers watching South Florida waterfront buyout campaigns, Portofino South is a live test of how far a sponsor can push price before a 5% objection bloc, not a simple majority, decides whether a termination plan survives.