The Real Deal Miami

ESG Kullen picks up Boynton Beach bulk condo

$18M deal breaks down to 151k per unit
By Amanda Rabines | October 19, 2017 11:30AM

Monteverde at Renaissance

New York-based ESG Kullen just paid $17.9 million for a bulk condo deal in Boynton Beach, property records show.

A company tied to the firm paid $151,500 per condo for the 118-unit purchase at Monteverde at Renaissance, according to attorney Mark Meland, who represented ESG Kullen. NXT Capital provided a $20.33 million loan.

An affiliate of Delma Properties, also based in New York, is the seller. Records show Delma paid $9.8 million for 118 of 219 units in a fractured condo sale in 2010. Since then, the real estate firm nearly doubled its investment on the units at 1605 Renaissance Commons Boulevard North.

New Jersey developer K. Hovnanian completed Monteverde at Renaissance in 2007, shortly before the housing market crash. Amenities include a clubhouse and pool. After the crash, investors like Delma swooped in and picked up fractured condos at big discounts.

ESG Kullen, led by Eric Granowsky and Thomas DelPonti, focuses on acquiring distressed properties and renovating them, according to its website. The firm owns more than 3,500 units at 28 multifamily properties in California, Florida, New York and Texas.

Delma, which has offices in Miami, Fort Lauderdale and Baltimore, manages a portfolio of more than $375 million of real estate, including office buildings, residential real estate, shopping centers, hotels, and securities in private real estate companies, according to its website.