Sale of 38-Year-Old Apartments Shooting for Record

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.