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

Pentaurus plans to invest $3M in renovating the apartments

4685 North Haverhill Road
4685 North Haverhill Road

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.

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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.