Brian Bandell – Senior Reporter- South Florida Business Journal
Seventy residential units in Boynton Beach’s Peninsula on the Intracoastal will be up for sale after the property was acquired for $21.5 million.
Boynton Real Esate LLLP, managed by Paulo Melo in Miami, sold the property to Peninsula Boynton Property, a partnership that includes Pordes Residential Sales and Marketing CEO Mark Pordes and Rene Brillembourg in Coral Gables.
The multi-family building along the water at 2649 N. Federal Highway was built in 2010 without use of a mortgage. The building was operated as a rental by the developer, although it was originally intended to be for sale – until the Great Recession hit.
Pordes said he would market the 40 condos starting at $540,000 and the townhomes with two-car garages starting at $390,000.
“After one year of tracking this deal and being persistent, I was able to obtain the proper terms as the market kept getting better and it became more obvious what a great opportunity this was,” Pordes said. “The amount of available, standing new inventory is almost non-existent.”
