On the market in Palm Beach: Updated rental apartments are ‘light, bright and cheerful’
Tech entrepreneurs and founders of Splikity software, a password-management system, Chad Clark, 34, and Doug Clark, 36, first visited Palm Beach when they were in their 20s to see friends.
The brothers, who are business partners and real estate investors, were soon entranced by the island and its resort lifestyle.
“Palm Beach became one of our favorites places to go,” says Doug Clark, who, like his brother, splits his time between Florida, California, and Paradise Valley, Arizona, where Splikity is based.
They began looking for a Palm Beach property to expand their real estate investment portfolio — and found just what they were seeking in a six-unit, rental-apartment building a seashell’s throw from the corner of Hammon Avenue and South Ocean Boulevard.
Four out of the apartments have ocean views, thanks to the building's proximity to Midtown Beach.
“Ever since we first came, we’d been on the lookout for a really great property,” Doug Clark says. “We found out about this one, which was not on the market, but had been previously. We heard that the owner might be interested in selling, and we worked out an off-market deal to acquire it.”
After closing the purchase in March, the brothers set about transforming their building at 106 Hammon Ave., which they named “The Palm Beach House.” The project involved a renovation of the 82-year-old building.
“It was in overall good condition, but it was dated and there were areas that needed attention,” explains Chad Parker.
Their upgrades included installing European oak flooring, and new kitchens and bathrooms finished in stone and wood.
“We gave it a remodel in terms of full updates on all the aesthetics, and we’ve made sure everything is in perfect condition. We wanted to bring it up to date and give it a Palm Beach feel that people visiting would like to experience.''
With the re-do completed, the brothers have listed the two-bedroom units for rent, furnished, earlier this month with broker Christian Angle of Christian Angle Real Estate. The annual rates range from $26,000 to $29,000 a month, with shorter-term seasonal rates between $35,000 to $39,000 a month. The units vary slightly in size, but each is roughly 1,125 square feet.
On the market: Updated landmarked home offered at $12.5 million in Palm Beach
On the market: Renovation 'kept the integrity' of 1920s-era Palm Beach house asking $9.95M
For the renovation, the brothers worked with West Palm Beach-based Blue Line Construction, and the interiors were decorated by Kara Beckmann of Beckmann House in Scottsdale, Arizona.
“All the finishes are brand new, from the countertops and furniture to the brass hardware,” Chad says. “Also, we decorated each unit with different themes and a different feel, with grass cloth, cotton and linens fabrics and lots of Serena & Lily furniture.”
Doug adds: “It was dark and dreary. Now it’s very Palm Beachy, light, bright and cheerful — a boutique building, and the location is perfect. It’s steps to the ocean during the day. You can walk to brunch down the street to The Colony, and you can walk to dinner on Worth Avenue.”
The basic floor plan of each of the apartments — three upstairs and three downstairs — comprises a living and dining area, kitchen and a pair of bedrooms, each with its own bathroom.
The brothers dubbed the units the Nautical Residence, the Coastal Residence, the Royal Palm Residence, the Panorama Residence, the Sunrise Residence and the Tropical Residence. Each sports a unique color scheme.
Season preview: Tight supply, big demand and the consequences for Palm Beach real estate
Big deals! From $30 million to $86 million: Here are the highest-dollar sales of the off-season in Palm Beach
The reception so far from the real estate community has been great, the brothers say.
“Agents walk in and say the places make them smile,” Chad says. “There are so many places to rent in town that don’t feel like Palm Beach. Our goal was to give people the feeling like they were in Palm Beach.”
People who toured the building before the brothers bought it are especially surprised by its new look.
“It’s funny,” Doug says. “People are amazed at the transformation. We ask, ‘Which is your favorite?’ “They say each is fun and unique and they love them all.”
And which of the apartments is their favorite? For their part, Doug says, “I’d be more than happy to live in any one of them.”
Chad adds: “Whichever one I’m standing in at the time. I’ll say, ‘This one I like best,’ and then I move to the next one, and I say, ‘I don’t know. Maybe this one.’”
*
To see more photos of the apartments at 106 Hammon Ave., click on the photo gallery at the top of this page.
This article originally appeared on Palm Beach Daily News: Palm Beach properties: Apartment rentals start at $26,000 a month
