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

Pentaurus plans to invest $3M in renovating the apartments

TRD 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
Angela Koch, Gary Lachman and 4417 South Flagler Drive (Douglas Elliman, Greenspoon Marder)

Ex-wife of billionaire Bill Koch sells West Palm home

Ex-wife of billionaire Bill Koch sells West Palm home
Charles Cohen and a rendering of the project (Getty, Pelli Clarke Pelli Architects)

Billionaire Charles Cohen proposes 338-foot tall office tower in West Palm

Billionaire Charles Cohen proposes 338-foot tall office tower in West Palm
4700 North Congress Avenue and Velocis Managing Partner Fred Hamm (Google Maps)

Private equity firm sells West Palm medical offices at discount

Private equity firm sells West Palm medical offices at discount
Stephen Ross and a rendering of Rosemary Square (Getty, Related)

Security firm sues Related Cos. affiliate, alleging unpaid services at Rosemary Square

Security firm sues Related Cos. affiliate, alleging unpaid services at Rosemary Square
Asi Cymbal and a rendering of the project

Asi Cymbal closes on multifamily dev site in Dania Beach

Asi Cymbal closes on multifamily dev site in Dania Beach
101 Palmetto Lane (Credit: Google Maps)

Garden of Life exec sells waterfront West Palm Beach home for $6M

Garden of Life exec sells waterfront West Palm Beach home for $6M
Housing Trust Group CEO and President Matt Rieger and renderings of the project (City of Hollywood)

Hollywood approves multifamily affordable housing project

Hollywood approves multifamily affordable housing project
A few of the properties in Palm Beach County (Credit: Google Maps)

Feds seek to seize 11 properties in Palm Beach County allegedly tied to money laundering

Feds seek to seize 11 properties in Palm Beach County allegedly tied to money laundering
arrow_forward_ios

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

Loading...