Kamson, Scopus pay $90M for a deconverted West Palm complex

A joint venture of Kamson Corporation and Scopus Property Management paid $90 million for Ponte Verde at Palm Beach Lakes, the 400-unit apartment property at 1401 Village Boulevard in West Palm Beach. That works out to exactly $225,000 a unit, and the asset only became buyable as a whole because its condo owners voted the association out of existence first.

Why it matters

Condo deconversion has been a Chicago and Miami story for years. It is now clearly a Palm Beach County one, and the sequence here is the part worth studying. Ponte Verde was built as multifamily in 1990, converted to condominiums, and then restored to rental use in August 2025 after individual owners terminated the condominium association. Only then could a single buyer take down all 400 units in one trade.

For developers and value-add sponsors, that path is a genuine alternative to ground-up in a county where land basis and construction pricing have made new rental product hard to pencil. You are buying 1990 vintage at $225,000 a door instead of building at replacement cost, and the hard work is legal and political rather than vertical.

The financing tells you lenders are willing to underwrite it. Prospect Ridge and Blue Owl provided an $81 million acquisition loan, which is 90 percent of the purchase price, on an asset with a complicated recent title history.

The numbers

$90 million total, 400 units, $225,000 a unit, built 1990. An $81 million acquisition loan from Prospect Ridge and Blue Owl, brokered by David Bollag and James Darling of Meridian Capital Group. The association was terminated in 2025 and the property returned to rental operation that August.

“Rather than underwriting to where the property had been, [the lenders’] teams focused on the strength and experience of the buyer and the credibility of the business plan,” Bollag told Commercial Observer.

What’s next

The seller was not identified in the deal reporting, and the trade is so far single-sourced. Watch whether other West Palm Beach associations from the same conversion era follow the termination route now that a $90 million exit exists as a comp. More South Florida coverage.