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WEST PALM BEACH, FL-Coldwell Banker agent Linda Cullen is eyeing a joyous New Year and Frankfort, Germany marketing executive Heinrich Rose is looking at a trophy multifamily property in the rough. Rose and his partners are buying a 38-year-old, 12-unit apartment house near the $1 billion CityPlace retail project for $799,900 or $66,659 per unit. The deal is scheduled to close in early January.

Rose spotted the property listed on the Internet by Cullen. He called his mother, Jan Weimer, a Palm Beach law office administrator, to look at the real estate. She did, along with family friend Peter Emmerich. The three formed an informal partnership and contracted with owners Clare and J.S. Wilson of Palm Beach to buy the asset at 815 Upland Drive.

The Wilsons decline to say what they paid for the property in 1962, but area brokers familiar with similar assets estimate the sale price then at $120,000 or $10,000 per unit.

The partners plan to totally renovate the 12 one-bedroom units or convert the building into two-story townhouses, mainting the structure’s historical ambience. They have commissioned architect Michael John Dosch, an authority on historic home renovations, to prepare a cost analysis.

The partners initially had planned to open a bed and breakfast facility but the historic district prohibited the developmentRose is a Florida State University graduate who manages the Frankfort, Munich and Moscow offices for Bass Hotels and Resorts, one of the world’s largest hotel holding companies. Emmerich works for Steinberge, a Frankfort-based hotel company.

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