Billionaire Richard Kurtz’s The Kamson Corporation and Joel Gluck of Scopus Property Management dropped $90.5 million for a 400-unit residential complex in West Palm Beach that was converted from condos to apartments last year.
The investors acquired Ponte Verde at Palm Beach Lakes with an $81 million acquisition loan from New York-based lenders Prospect Ridge and Blue Owl, with Meridian Capital Group’s David Bollag and James Darling arranging the mortgage, according to Meridian.
The 28-acre complex at 1401 Village Boulevard was built as rentals in 1990 and converted to condos years later.
The condo association was the seller in the transaction. The sale price amounts to $226,250 per unit.
Ponte Verde comprises 23 two- and three-story garden-style apartment buildings with one- and two-bedroom floor plans, totaling about 360,500 rentable square feet. The deal comes out to $250 per rentable square foot. Amenities include two swimming pools, a fitness center, tennis and racquetball courts, a volleyball court, gated entry and 780 parking spaces.
According to Realtor.com, the property’s one-bedroom apartments start at $1,600 a month, a bargain compared with West Palm Beach’s average asking rent. The average was $2,142 per month for a one-bedroom as of July, which is 29 percent above the national average of $1,663, according to Apartments.com.
Englewood Cliffs, New Jersey-based Kamson is an active multifamily investor in the Northeast with 75 communities across New Jersey, New York, Connecticut, Pennsylvania and South Dakota, according to its website. Forbes estimates founder and CEO Kurtz’s fortune at $1 billion.
Kurtz founded Kamson in 1976 after selling his 39-store New Jersey pizza chain, later expanding into luxury real estate with the 2006 purchase of industrialist Henry Clay Frick’s former 60-acre estate in Alpine, New Jersey, for $58 million.
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