West Palm Beach Condos Get $430M Buyout Offer

Published: March 5th, 2026 | Updated: May 14th, 2026

BEKO Equities wants to pay $430 million for two aging condo buildings. That's $2.4 million per unit. But some owners don't want to sell. They'd rather pay a $12 million repair bill on a building that's over 50 years old.

Key Takeaways

BEKO Equities offered $430 million for Portofino South and Flagler Yacht Club in West Palm Beach.
The offer works out to $2.4 million per unit across 179 units, one of the largest buyout offers in the city's history.
Portofino South faces a $12 million repair bill, but just 5% of owners can block the sale.

Two condo buildings sit on seven acres of prime waterfront. They're right across the Intracoastal from Mar-a-Lago. A developer shows up with $430 million. And some owners still say no.

Portofino South went up in 1971. Flagler Yacht Club came in 1981. Both now face the post-Surfside reality. Old buildings must pass strict inspections or risk being shut down. Portofino alone needs $12 million in repairs. But the association president called the building a "jewel." He's fighting the sale.

Why is BEKO Equities offering so much?

It comes down to location. The two buildings sit on seven acres of Intracoastal waterfront in West Palm Beach. They're next to El Cid and SoSo. Mar-a-Lago is right across the water. Land like this doesn't come up anymore.

BEKO Equities is a new joint venture. It brings together Gilbert Benhamou's Miami-based Immocorp Capital and Hong Kong's O.D. Kobo. Immocorp has been building in South Florida since 2000. They already have the 382-unit Arte at the District in West Palm's Northwood area. They're also working with Kushner on a project near Hard Rock Stadium.

Here's how the $430 million breaks down:

Portofino South: 140 units at 3800 Washington Road. Offer: $250 million minimum.
Flagler Yacht Club: 39 units at 3701 South Flagler Drive. Offer: $150 to $180 million.

That's about $2.4 million per unit. Last time, Immocorp offered $202 million for Portofino alone. This new bid is $48 million higher. And it now includes the second building.

Own a condo in an older West Palm Beach building? Buyout offers and repair bills can change your options fast. Talk to a real estate agent in West Palm Beach who knows these deals. Reach out to The Mastropieri Group or call (561) 556-9853.

How do condo buyouts work?

As Larry Mastropieri explained on the Discover South Florida Podcast, "How it works is they propose a number. And then the owners vote. And then if the vote doesn't go through, maybe they propose another number, right? Or there's the president as an example saying, 'Hey, listen, I think we can get this done at this number.'"

Larry also noted how developers set themselves up: "These guys who are buying these buildings, a lot of times, like the way Related Ross did it, they had bought a bunch of units already. So they were a big owner in the building already."

That's the playbook. Buy enough units to get a seat at the table. Then push for a building-wide sale. We don't know if BEKO has done this here. But the tactic is common.

Why might this deal fall apart?

Portofino South has a tough rule. Just 5% of owners can block a sale. BEKO needs 135 of 140 owners to say yes. Five holdouts and it's over.

The association president, Gregory D'Elia, doesn't want to sell. He called the building a "jewel." But this jewel was built in 1971. It now needs $12 million in repairs to meet Florida's new safety laws.

BEKO wants to avoid a court fight. They point to the Biscayne 21 mess in Miami. Two Roads Development tried to buy that building for years. Holdout owners kept it tied up in court. BEKO says they want everyone on board before moving forward.

The math is simple. Pay your share of $12 million in repairs on a 54-year-old building. Or take $2.4 million and walk away. But feelings, history, and distrust make these deals hard.

What other buyouts are happening nearby?

This stretch of South Flagler Drive is hot. BEKO isn't alone:

Fort Partners paid $100 million for Harbor Towers at 3901 S. Flagler Drive.
Related Ross is closing a deal for Southbridge, a 63-unit building at 3915 S. Flagler Drive. As we wrote in our piece on Related Ross's legal fight over a West Palm Beach condo, these deals can get messy.
The Kolter Group bought a 38-unit building on the Intracoastal for $37.6 million.
Kolter and Perko are also building Maison d'Or. It's a 39-unit luxury project on a 1.4-acre lot between Portofino and Flagler Yacht Club.

What's driving all this? Florida's post-Surfside safety laws. Buildings over 30 years old must pass inspections. Repairs cost millions. For many condo boards, a buyout beats a giant repair bill.

What does this mean for West Palm Beach homeowners?

If you own in El Cid, SoSo, or along South Flagler Drive, watch closely. This kind of change reshapes neighborhoods and home values.

When old condos become luxury towers, nearby homes often rise in value. As we covered in Steve Ross's $600M bet on West Palm Beach, big money is flowing into this area.

Condo owners in older Palm Beach County buildings should expect more offers like this. Old buildings, high repair costs, and developer demand add up. The conditions are ripe.

Buyers near active building sites should think ahead. That "cheap" older condo might come with a buyout offer. Or a massive repair bill. Factor that in before you buy.

Frequently Asked Questions About the West Palm Beach Condo Buyout

How much is BEKO Equities offering for the West Palm Beach condos?

BEKO offered $430 million for both buildings. That's $250 million for Portofino South (140 units) and $150 to $180 million for Flagler Yacht Club (39 units). It works out to about $2.4 million per unit.

Why are developers targeting these buildings?

Location. The two buildings sit on seven acres of Intracoastal waterfront. Mar-a-Lago is right across the water. Both buildings are old and face big repair bills. That makes owners more open to selling.

Why are aging condos facing special assessments in South Florida?

After Champlain Towers South collapsed in Surfside, Florida, new laws were passed. Buildings over 30 years old must now pass safety inspections. Many need major repairs. Portofino South, for example, faces a $12 million bill.

Can condo owners block the buyout?

Yes. Portofino South lets just 5% of owners block a sale. BEKO needs 135 of 140 owners to agree. The association president has said he's against the deal.

Who is BEKO Equities?

BEKO is a joint venture. It combines Miami's Immocorp Capital with Hong Kong's O.D. Kobo. Immocorp has built in South Florida since 2000. They have projects in West Palm Beach and Miami Gardens.

Local help for condo owners and investors in West Palm Beach

Own a condo in an older building? Looking to invest in the Palm Beach waterfront? You need to know how buyouts and repair bills work. Reach out to The Mastropieri Group, Realtors®.

For help across Palm Beach County, call (561) 556-9853.