Two months after the
Monteverde at Renaissance Commons in Boynton Beach had its
condominium association terminated, the entire property sold
for $49.64 million.
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Monteverde Owner LLC,
managed by Eric Granowsky of New York-based ESG Kullen, sold
the 227 units at 1605 Renaissance Commons Blvd. to AG-MRP
Owner LLC, an affiliate of New York-based private equity
firm Angelo Gordon. The price equated to $218,678 a unit.
This was part of a long-running plan to convert the
fractured condo into a standard apartment building.
K. Hovnanian built the Monteverde condo in 2007 and started
selling the units, but the recession that year slowed condo
sales across Florida. An investor acquired the 118 unsold
units there in 2010 and started renting them out.
In 2017, Monteverde Owner paid $17.88 million for those 118
investor-owned units. It then started acquiring the condos
one-by-one from the individual owners over the years until
the company owned 206 condos. That gave it enough control of
the condo association to pass for a termination vote. |
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The Monteverde at 1605 Renaissance Commons Blvd.,
Boynton Beach.
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According to county records, the
Monteverde condo association was terminated in May and
Monteverde Owner paid a combined $2.81 million to take title
to the remaining condos from the individual owners. That
cleared the way for the sale of the building, now an
apartment complex, to Angelo Gordon.
With rents in Palm Beach County rising at record levels,
many investors are eager to own apartments. It’s easier to
manage a full apartment building than a pool of units within
a condo complex because the owner has more control of
building operations and maintenance without a condo board
involved.
