Kamson's $90.5M West Palm Beach Condo Buy Pencils at $226K/Unit

Institutional Property Advisors brokered the $90.5 million bulk sale of Ponte Verde at Palm Beach Lakes, a 400-unit condominium complex off Palm Beach Lakes Boulevard in West Palm Beach, to Kamson Corp., a New Jersey-based apartment operator working in joint venture with Joel Gluck’s Scopus Property Management. IPA’s Shelton Granade and Justin Basquill represented the sellers, a group of condo owners who voted to terminate their association and sell the entire complex as a single asset rather than unit by unit, according to Real Estate Business Online. The buyers plan to run the property as market-rate rental apartments.

Why it matters

Bulk condo-to-rental deconversions like this one are becoming a repeatable trade in South Florida, and West Palm Beach developers should read the price, not just the deal. A 1990-built complex that traded as scattered individually owned units now has a single institutional owner who can reposition, refinance or resell it as one asset. For anyone underwriting a similar aging condo association, roughly 900 square feet per unit and a $226,250 per-unit basis is the current market clearing price for a bulk buyout in this submarket, well below new-construction replacement cost and a useful comp for the next association weighing the same decision.

The numbers

The 400-unit complex spans roughly two dozen two- and three-story garden buildings on the site, with average units near 901 square feet, putting the deal at about $226,250 per unit on the $90.5 million headline price. Marcus & Millichap’s Luke Wickham and Evan Kristol also worked the transaction alongside IPA. The complex was built in 1990, consistent with the 36-year-old age cited in brokerage coverage of the sale.

What’s next

Kamson and Scopus now control a 400-unit block in one of South Florida’s tightest rental submarkets, giving them room to renovate and reposition units as leases turn over. Every other pre-1990s condo association in West Palm Beach carrying steep milestone-inspection and reserve costs now has a live, priced comp for what a full-building exit is worth.