Kamson Corp. Pays $90.5 Million for Ponte Verde at Palm Beach Lakes in West Palm Beach Condo Deconversion
WEST PALM BEACH, Fla. — New Jersey-based Kamson Corp. has acquired the 400-unit Ponte Verde at Palm Beach Lakes condominium in West Palm Beach, Florida for $90.5 million, in a condo-to-multifamily deconversion brokered by Institutional Property Advisors, a division of Marcus & Millichap, the firms announced Aug. 3, 2026.
The Ponte Verde at Palm Beach Lakes Condominium Association, acting through a trustee affiliated with Condominium Advisory Group LLC, sold the gated, garden-style property at approximately $226,250 per unit. The 24-building complex spans roughly 360,400 rentable square feet, with an average unit size of 901 square feet, implying a price of approximately $251 per square foot.
Transaction Details and Brokerage Team
Luke Wickham, senior managing director investments at IPA, along with Evan Kristol of Marcus & Millichap, and Shelton Granade and Justin Basquill of IPA brokered the sale on behalf of the seller. The Ponte Verde at Palm Beach Lakes Condominium Association retained an affiliate of the Condominium Advisory Group LLC, led by John Cadden and Michael Fish, to serve as trustee through the termination process.
"The highest and best use of this property is conversion from condominium to multifamily rental," Wickham said. "Extraordinarily strong demand for housing in Florida, and in West Palm Beach in particular, helped make this asset a compelling opportunity for investors who recognize the upside potential in the asset and location. The offering attracted significant investor interest, generating a multitude of full-price offers."
Kamson Corp. is pursuing a value-add investment strategy at the property, which is positioned adjacent to the Bear Lakes Country Club and near Tanger Outlets Palm Beach and CityPlace. Downtown West Palm Beach, the Norton Museum of Art, and Palm Beach International Airport are within a short drive. More than 169,000 jobs are located within a five-mile radius, with employers including HCA Florida Palms West Hospital, St. Mary's Medical Center, and Palm Beach State College.
Florida Building Safety Act Drives Deconversion
The transaction reflects a broader trend in Florida's condominium market, where post-Surfside building safety reforms have imposed mandatory structural inspections and fully funded reserve requirements on older communities. For the Ponte Verde at Palm Beach Lakes Condominium Association and its unit owners, those requirements translated into rising operating costs and financial pressure that made a bulk sale to an institutional buyer the most value-maximizing option.
"The challenges facing this property, including the financial impact of the Florida Building Safety Act's reserve requirements and rising operating expenses made Ponte Verde an ideal candidate for a condominium deconversion and sale to a value-add multifamily investor," said Cadden. "By working closely with the condominium association, its owners, and IPA, we successfully navigated the complex termination process, positioned the property for the marketplace, and maximized value for the owners."
Condo deconversions — in which all units in a condominium are sold in bulk to a single investor, followed by termination of the condo regime — have emerged as a mechanism for unit owners in aging communities to exit at a premium to fractured-unit pricing, while institutional buyers gain control of well-located assets to reposition as rental housing.
Andrew Leahy, national division leader of IPA Multifamily, said the deal illustrates a structural shift underway across the state. "This sale reflects the increasing role of condominium reconversions in Florida as older properties face rising maintenance costs, mandatory structural reserve funding, and evolving regulatory requirements," Leahy said. "The market knowledge, strategic planning, and transaction experience of IPA and the Condominium Advisory Group helped guide a complex transaction while protecting the interests of condominium owners and maximizing value."
Property Profile: Ponte Verde at Palm Beach Lakes
Ponte Verde at Palm Beach Lakes is a gated, two- and three-story garden-style property. The community comprises 24 residential buildings and a clubhouse. Common area amenities include two swimming pools, two racquetball courts, and a dry sauna. Individual units feature open floor plans, large closets, and ceiling fans.
Under Kamson Corp.'s ownership, the asset is expected to transition to unified multifamily rental operations, enabling consistent capital planning and leasing strategy across all 400 units.
Market Context: Multifamily Demand in South Florida
The acquisition comes as multifamily fundamentals in Florida remain supported by sustained population growth, household formation, and job creation. West Palm Beach in particular has seen continued demand for rental housing, a dynamic that IPA cited as central to the property's appeal to investors. The offering's ability to generate multiple full-price bids underscores active institutional appetite for well-located, value-add multifamily assets in the market.
Nationally, multifamily capital markets have shown improved liquidity in 2026, with commercial mortgage originations projected to rise approximately 27% for the year and multifamily remaining among the most actively financed property sectors for both bank and agency lenders. Against that backdrop, the Ponte Verde at Palm Beach Lakes transaction represents the type of in-fill, garden-style acquisition that institutional capital has continued to pursue in high-growth Sun Belt markets.
Institutional Property Advisors is a division of Marcus & Millichap (NYSE: MMI), a commercial real estate services firm. IPA focuses on acquisition, disposition, and financing services for institutional properties and portfolios.