New Jersey firm buys West Palm apartments for $7M, plans renovation

Pentaurus plans to invest $3M in renovating the apartments

Miami /
Jun.June 16, 2017 06:15 PM

New Jersey-based Pentaurus Real Estate Investment & Management just bought an apartment complex in West Palm Beach for $7.2 million, with plans to renovate and lease the property.

Records show Pentaurus also scored an $8.2 million loan from Latitude Management Real Estate Capital IV. Hydra West Palm LLC, managed by attorneys Lawrence Rolnick and wife Kimberly Sorrentino, purchased the 72-unit complex and adjacent lot at 4685 North Haverhill Road, which total 7 acres in the Galilee neighborhood of West Palm.

The Rolnicks’ son, Austin Rolnick led the deal and plans to invest $3 million in renovating the apartments before leasing them, he told The Real Deal.

“We look for undervalued properties,” Rolnick said. “I saw it was in such a nice area with much more well kept complexes along the same road. It was just a shame to see one neighborhood with such potential be neglected and mismanaged.”

It features two-bedroom apartments averaging 1,700 square feet, Rolnick said. The buildings have been vacant for 18 months. Pentaurus will add a pool, improve landscaping and replace appliances in the apartments over the next eight months.

The multifamily deal is one of many to close in South Florida over the past couple of months.

On Thursday, the Los Angeles County Employees Retirement Association sold a Plantation apartment complex for $93 million, or nearly $200,000 per unit, to a company managed by TIAA-CREF. Earlier in the week, a Class C apartment complex in Tamarac sold for $12.35 million, nearly three times its last sale in 2012.

Records show in 2015, Lawrence Rolnick and his wife bought a home on Woodbridge Road for $8.9 million. The house was previously owned by President Donald Trump’s nephew.

Pentaurus’ portfolio includes apartment properties in West Palm Beach, Palm Springs, Boyton Beach and Fort Lauderdale.


Related Articles

arrow_forward_ios
Walton Street Capital Managing Partner Eric Mogentale with the complex (Alta Developers, Walton Street Capital)
Walton Street Capital buys Boynton Beach apartments for $93M
Walton Street Capital buys Boynton Beach apartments for $93M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Avery Pompano Beach apartments with Yaakov Frankforter of Frankforter Group (LinkedIn via Frankforter, Avery Pompano Beach)
Frankforter Group buys Pompano Beach apartments for $43M
Frankforter Group buys Pompano Beach apartments for $43M
The Johnson and Wales campus and PMG principals Kevin Maloney and Ryan Shear (PMG)
PMG pays nearly $60M for Johnson & Wales North Miami campus
PMG pays nearly $60M for Johnson & Wales North Miami campus
Louis Puig and 333 Jefferson Avenue in South-of-Fifth (Google Maps)
Former Club Space owner buys South Beach apartments for short-term rentals
Former Club Space owner buys South Beach apartments for short-term rentals
Westdale president and CEO Joe Beard and Jeff Ardizon and Robert Suris of The Estate Companies with Soleste Bay Village (Estate, Soleste Bay Village)
Estate Companies sells Palmetto Bay apartment complex for $58M
Estate Companies sells Palmetto Bay apartment complex for $58M
The Devon Apartments in North Beach (Google Maps)
North Beach apartment building deemed unsafe, ordered evacuated
North Beach apartment building deemed unsafe, ordered evacuated
James "Jimmy" Finkelstein and Pamela Gross with 622 North Flagler Drive, West Palm Beach (Getty, Modern Living Group)
Media power couple buys West Palm Beach condo for $6M
Media power couple buys West Palm Beach condo for $6M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...