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Investor pays $90.5M for West Palm Beach condos, plans apartment conversion

The buyer, Kamson Corp., paid $90.5 million for a 400-unit complex and is repositioning it into multifamily rental housing.

Reported · Written up by our desk · Residential

ConnectCRE reports that Kamson Corp. paid $90.5 million for a 400-unit condominium complex in West Palm Beach, Florida, under plans to convert the units into apartments.

The property, Ponte Verde at Palm Beach Lakes, is described as a gated garden-style community with 24 two- and three-story buildings and a clubhouse.

According to ConnectCRE, the Institutional Property Advisors team, including Luke Wickham, Shelton Granado, and Justin Basquill, along with Evan Kristol from Marcus & Millichap, brokered the sale.

ConnectCRE said the conversion from condominium to multifamily rental is supported by what the brokers described as strong Florida and West Palm Beach housing demand, and it noted the typical unit size is 901 square feet.

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