New Jersey firm buys West Palm apartments for $7M, plans renovation
Pentaurus plans to invest $3M in renovating the apartments
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.