WEST PALM BEACH — Portofino South Condominium owners have received a $202 million offer to sell their 54-year-old building across the Intracoastal Waterway from Mar-a-Lago.
Immocorp Capital, a real estate investment and development firm, plans to buy the 140-unit complex near the intersection of Southern Boulevard and Flagler Drive. It marks the latest effort by a developer to acquire an aging condo building whose owners are struggling to cope with high maintenance costs.
Condo buyouts have become more common amid the skyrocketing insurance costs and pricey repairs required after the 2021 collapse of Champlain Towers South in Surfside. Portofino South is just the latest building along Flagler to catch the attention of a developer.
Average Portofino condo purchase price to top $1M
The Portofino South Condominium Association reported on Jan. 15 to its members that Immocorp submitted “a letter of intent” to purchase the 140 units. Immocorp has already contacted owners detailing what it would be willing to pay…