NJ firm picks up rental portfolio in Palm Beach County
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.