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Ponte Verde in West Palm Beach sold for $90M after condo-to-rent shift
The 400-unit property, built in 1990, returned to rental housing in August 2025 and closed with an $81M acquisition loan from Prospect Ridge and Blue Owl.
Commercial Observer reports that a joint venture between Kamson Corporation and Joel Gluck’s Scopus Property Management has closed on the $90 million acquisition of Ponte Verde at Palm Beach Lakes in West Palm Beach, Florida.
The 400-unit community was built in 1990 for multifamily use, later converted to condominiums, then restored back to rental housing in August 2025. Previous ownership consisted of individual condo owners who terminated the condominium association last year.
The deal includes an $81 million acquisition loan supplied by Prospect Ridge and Blue Owl, and spans 28 acres at 1401 Village Boulevard. The property comprises 23 two- and three-story garden-style buildings totaling about 360,488 net rentable square feet, with one- and two-bedroom floor plans.
Meridian Capital Group negotiated the debt with a team led by David Bollag and James Darling. Bollag said the lenders focused on the buyer’s strength and the credibility of the business plan to deliver financing on the transaction timeline.