BEKO Equities' $323.4M Portofino South Buyout Stalls in West Palm
BEKO Equities' $323.4M offer for Portofino South in West Palm Beach has 108 of 140 owners on board and 32 holdouts, The Real Deal reports.
BEKO Equities’ latest $323.4 million offer for the Portofino South condominium in West Palm Beach has stalled on holdouts, The Real Deal reported on Nov. 10. The 140-unit building has 108 owners in favor and 32 against, according to a buyout organizer cited by the outlet. The board president did not confirm those counts, and the tally is not yet public record.
Why it matters
Condo buyouts depend on a supermajority. The Real Deal reports that Florida law requires 95% owner approval to terminate a condominium association (Florida Statute 718.117 sets an 80% approval floor and lets a 5% objection block the plan), which means BEKO needs 135 of the 140 owners to agree. At 108 yes votes, the organizer’s count leaves the deal 27 owners short.
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The offer is reportedly the fourth increase, so the price has already moved up several times without clearing the threshold. For developers eyeing aging waterfront condos in South Florida, the deal shows how a few dozen unwilling owners can stop a large assemblage.
The numbers
- Latest offer: $323.4 million for Portofino South, per The Real Deal.
- Owners: 108 on board and 32 holdouts across 140 units, per a buyout organizer.
- Threshold: 135 of 140 owners, or 95%, per the outlet.
- Separate deal: The outlet also reports a $180 million deal on a smaller nearby building.
- Earlier bid: In February 2026, The Real Deal reported a proposal of about $430 million covering Portofino South and Flagler Yacht Club.
What’s next
Neither BEKO nor the Portofino South board has publicly said whether it will raise the offer again or extend the voting window. A termination would also need to be recorded, and no such filing has surfaced. We will update this story if a revised bid or a termination vote becomes public.
Quick answers
- What is the latest on BEKO Equities in South Florida?
- BEKO Equities' $323.4M offer for Portofino South in West Palm Beach has 108 of 140 owners on board and 32 holdouts, The Real Deal reports.
- What are the key numbers for BEKO Equities?
- latest offer: $323.4M; owners on board: 108 of 140; holdouts: 32; separate deal, smaller nearby building: $180M.
- Where does the information on BEKO Equities come from?
- The story cites The Real Deal and Florida Statutes 718.117.
Sources
Also reported by
- The Real DealHoldouts jam up BEKO Equities' $323M West Palm buyout
- The Real DealFebruary bid of about $430M for two West Palm Beach condo buildings
- Florida Statutes 718.117Condominium termination (optional termination: 80% approval, plan fails at 5% objection)