Rose spotted the property listed on the Internet by Cullen. Hecalled his mother, Jan Weimer, a Palm Beach law officeadministrator, to look at the real estate. She did, along withfamily friend Peter Emmerich. The three formed an informalpartnership and contracted with owners Clare and J.S. Wilson ofPalm Beach to buy the asset at 815 Upland Drive.
The Wilsons decline to say what they paid for the property in1962, but area brokers familiar with similar assets estimate thesale price then at $120,000 or $10,000 per unit.
The partners plan to totally renovate the 12 one-bedroom unitsor convert the building into two-story townhouses, mainting thestructure's historical ambience. They have commissioned architectMichael John Dosch, an authority on historic home renovations, toprepare a cost analysis.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
