The eventful history of a residential complex in West Palm Beach, Florida, gains a new chapter. A joint venture between Kamson Corporation and Joel Gluck's Scopus Property Management has finalised the acquisition of Ponte Verde at Palm Beach Lakes for $90 million. This acquisition secures a significant residential complex for the region, whose history ranges from its original multifamily use, through a conversion into condominiums, to its reversion to the rental housing stock.
The 400-unit property was originally built as a multifamily asset in 1990. It was later converted into condominiums, before being converted back into rental apartments in August 2025. This cycle of use change underscores the property's flexibility and adaptability to market demands. The transaction encompasses a 28-acre site at 1401 Village Boulevard.
Financing and Property Location
Prospect Ridge and Blue Owl provided an acquisition loan of $81 million for the purchase of the property. The previous owner consisted of individual owners of the 400 condominium units, who decided to dissolve the condominium association last year. Meridian Capital Group negotiated the financing, with a team led by David Bollag and James Darling taking the lead.
David Bollag commented on the transaction in a statement: "Ponte Verde is a well-located asset with solid fundamentals and a clear path forward." He emphasised that the teams at Prospect Ridge and Blue Owl focused not primarily on the property's past performance, but on the buyer's strength and experience, as well as the credibility of the business model. This enabled the provision of a financing solution within the timeframe required by the transaction.
Property Details and Amenities
The Ponte Verde at Palm Beach Lakes multifamily asset consists of 23 two- and three-storey garden-style residential buildings, which together comprise a net rentable area of approximately 360,488 square feet. The floor plans include one- and two-bedroom apartments. Residents benefit from a range of extensive community facilities.
- —Resident clubhouse
- —Two swimming pools
- —A fitness centre
- —Tennis courts and racquetball courts
- —A sand volleyball court
- —A barbecue area and spa
