West Palm Beach Multifamily Property Converted From Condos Sells for $91M – Commercial Observer
The seesaw history of a West Palm Beach residential complex has a new chapter.
A joint venture between the Kamson Corporation and Joel Gluck’s Scopus Property Management has closed on a $90 million acquisition of Ponte Verde at Palm Beach Lakes, Commercial Observer has learned. The 400-unit property was built in 1990 for multifamily usage and later converted to condominiums before it was restored back to rental housing in August 2025.
Prospect Ridge and Blue Owl supplied an $81 million acquisition loan for the property, which encompasses 28 acres on 1401 Village Boulevard. Previous ownership consisted of individual owners of the 400 condo units who decided to terminate the communities’ condominium association last year.
Meridian Capital Group negotiated the debt with a team led by David Bollag and James Darling.
“Ponte Verde is a well-located community with strong bones and a clear path forward,” Bollag said in a statement. “Rather than underwriting to where the property had been, [Prospect Ridge and Blue Owl’s] teams focused on the strength and experience of the buyer and the credibility of the business plan, which allowed us to deliver a financing solution on the timeline the transaction required.”
The Ponte Verde at Palm Beach Lakes multifamily community consists of 23 two- and three-story garden-style residential buildings totaling roughly 360,488 net rentable square feet, featuring one- and two-bedroom floor plans. Community amenities include a resident clubhouse, two swimming pools, a fitness center, tennis courts, racquetball courts, a sand volleyball court, a barbecue area and spa.
Prospect Ridge, Blue Owl, the Kamson Corporation and Scopus Property Management did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
