New Jersey firm picks up rental portfolio in Palm Beach County

100-unit deal includes 68 townhouses and 32 condos

Feb.February 19, 2018 01:30 PM

Palm Beach townhouse and condo portfolio

A Rochester, New York-based investment firm just sold a three-property portfolio in Palm Beach County to a New Jersey investor for $19.1 million.

Companies controlled by John Summers and Kenneth Marvald sold a 100-unit portfolio to LLCs managed by Austin Rolnick of Pentaurus Real Estate Investment & Management. The deal includes the 40-unit townhouse development St. Charles Landing at 100 Harrington Court in Palm Springs; the 32 condos at Whispering Winds at 4100 Coquina Winds Way in Greenacres; and 28 of 34 townhouses at Villas Santorini at 4624 Villas Santorini Drive in unincorporated Palm Beach, according to Marcus & Millichap’s Joseph Thomas.

Thomas, Adam Duncan and Tyler Carbonelli brokered the deal. The sellers are Charles Landing LLC, Wallace Street LLC and Santorini Condos LLC, and the buyers are Acastus Charles Landing LLC, Arion Whispering Palms LLC and Argos Santorini LLC.

The portfolio sold for its $19.1 million asking price and was fully leased at closing, Thomas said. The deal includes 15 buildings and two clubhouses built between 2007 and 2015.

Rents averaged $1,427 or $0.79 per square foot at St. Charles Landing; $1,534 or $0.86 per square foot at Whispering Winds; and $1,934 or $0.82 per square foot at Villas Santorini, according to marketing materials.

Last year, Pentarus paid $7.2 million for a 72-unit apartment complex in West Palm Beach. The company also owns properties in Palm Springs, Boyton Beach and Fort Lauderdale.

Related Article

Rent reform is propelling a new wave of New York and California investors to Miami (Credit: iStock)

Rent reform in New York, California propels new wave of multifamily investors to Miami

Clockwise from left: 401 Southwest 17th Avenue, Alfonso Jaramillo, and Andros Sarduy 

Beraja family picks up Little Havana apartments

Greg Pinkalla and ORA Flagler Village Apartments (Credit: Google Maps)

Fairfield Residential sells new Flagler Village apartments for $92M

The Wynwood property and David Edelstein

W South Beach owner gobbles up more land for Wynwood resi project

Howard Cohe of Atlantic | Pacific and downtown Miami (Credit: iStock)

Atlantic | Pacific closes $140M portion of multifamily fund

From left: Mark Okada and James Dondero

REIT to pay $322M for sprawling Pembroke Pines apartment complex

From left: Jacob Serure, Elliot Shainberg, Deme Mekras, and Aaron Kurlansky with California Club Apartments

Coral Springs investor buys apartment complex near Aventura

State report finds open gas valve fueled building explosion at Plantation shopping center