Two months after the Monteverde at Renaissance Commons in Boynton Beach had its condominium association terminated, the entire property sold for $49.64 million.

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.

The Monteverde at 1605 Renaissance Commons Blvd., Boynton Beach.

 

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.