In Palm Beach Gardens, poster child of condo conversion craze sells for big money

San Merano at Mirasol. Photo by Richard Graulich/The Palm Beach Post

The 476-unit San Merano at Mirasol was built in 2002 as a high-end apartment complex. At the height of the real estate bubble, then-owner Kolter Communities marketed the property as a condo conversion.

Wisely, Kolter pulled the plug on the condo conversion and stuck with rentals. In 2010, Kolter sold the property to TA Associates Realty of Boston for $69 million.

Now TA Associates has sold the property for $103.6 million, according to property records. The buyer is Blackstone Group, the New York private equity giant. It paid nearly $218,000 a unit for the property at 100 Portofino Circle, near Hood Road and Florida’s Turnpike in Palm Beach Gardens.

 

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