PALM BEACH GARDENS, FL - Rockpoint, a Boston-based real estate private equity firm, and The Kolter Group, a Florida-based diversified real estate development and investment firm, announced that their affiliates have entered into a joint venture to develop The Sutton, a 432-unit multifamily apartment community in Palm Beach Gardens, Florida. The transaction includes the acquisition of the land and development of the site and PNC Bank provided the financing for the project.
The Sutton, which is scheduled to be completed in 2028, will comprise 432 studio, one-, two-, and three-bedroom apartments and surface parking. The site is centrally situated in Palm Beach Gardens with convenient access to I-95 and the Florida Turnpike, enabling regional connectivity to Palm Beach County's key employment and retail centers. Residents will benefit from proximity to nearby premier retail, dining, shopping and entertainment options, as well as convenient access to the coast and public beaches as well as public parks, premier golf courses, and recreation areas where residents can enjoy the outdoors.
"Rockpoint has been active in South Florida multifamily investing for more than a decade, and our selective development strategy allows us to focus on submarkets like Palm Beach Gardens that are highly supply constrained and have demand for newer vintage apartment living," said Dan Domb, a Managing Member and COO at Rockpoint. "We're excited to enter this partnership with the Kolter team to develop this unique property."
"Rockpoint's team is experienced and well-regarded, and their values and platform align well with Kolter's," said Howard Erbstein, COO of The Kolter Group. "It's a great foundation to capitalize on further investments together across our various businesses."
The property will feature best-in-class amenities, including a resort-style pool, state-of-the-art fitness and wellness spaces including a group fitness room, co-working rooms, resident lounge, dog park, children's playground, and a maker's studio. Unit interiors will feature high-quality finishes including stainless steel appliances, quartz countertops, and luxury vinyl tile flooring.
Rockpoint, along with its predecessor firm, has a longstanding history of investing in the residential sector and has closed on or committed to 146 residential investments since 1995, comprising approximately 100,000 multifamily units. The firm continues to strategically target opportunities in high-barrier-to-entry markets with strong demand drivers and where it can create value through active asset management and repositioning strategies.