WEST PALM BEACH, FLA. — Kamson Corp. has acquired the 400-unit Ponte Verde at Palm Beach Lakes in West Palm Beach for $90.5 million. The New Jersey-based buyer plans to convert the property from condos to multifamily. IPA’s Luke Wickham, Shelton Granade and Justin Basquill and Marcus & Millichap’s Evan Kristol brokered the sale. According to the brokerage team, condo conversions are increasing in Florida as older properties face rising maintenance costs, mandatory structural reserve funding and evolving regulatory requirements.
Ponte Verde at Palm Beach Lakes is a gated, two- and three-story garden-style property with 24 residential buildings and a clubhouse. Common area amenities include two pools, two racquetball courts and a dry sauna. The average unit size is 901 square feet.