Key Takeaways
- • Rockpoint and The Kolter Group form joint venture to develop The Sutton, a 432-unit multifamily apartment community in Palm Beach Gardens, Florida, with completion targeted for 2028.
- • PNC Bank provided financing for the project, which includes land acquisition and full site development across a 17.5-acre vacant parcel.
- • The Sutton will feature a mix of studio, one-, two-, and three-bedroom units with surface parking, positioned in a supply-constrained South Florida submarket with direct access to I-95 and the Florida Turnpike.
- • Rockpoint brings over a decade of South Florida multifamily investment experience, while Kolter Group indicates the partnership foundation may enable further joint investments across both firms' business platforms.
- • The property's location offers residents proximity to Palm Beach County employment centers, retail, dining, entertainment, beaches, and recreation amenities including golf courses and public parks.
Summary
Rockpoint, a Boston-based real estate private equity firm, and The Kolter Group, a Florida-based diversified real estate developer and investor, have announced a joint venture to acquire and develop The Sutton, a 432-unit multifamily apartment community in Palm Beach Gardens, Florida. The transaction encompasses land acquisition and full development, with PNC Bank serving as the project's lender. The property is scheduled for completion in 2028.
The Sutton will deliver 432 residential units across studio, one-, two-, and three-bedroom floor plans on a 17.5-acre site, with surface parking included. The location provides significant strategic positioning in the Palm Beach Gardens submarket, offering direct access to I-95 and the Florida Turnpike to connect residents with key employment and retail centers throughout Palm Beach County. The property's proximity to regional amenities—including premier retail, dining, shopping, entertainment venues, coastal access, public beaches, golf courses, and recreation areas—enhances its appeal in the market.
Dan Domb, Managing Member and COO at Rockpoint, emphasized the firm's decade-long track record in South Florida multifamily investing and its selective development approach focused on supply-constrained submarkets with demand for newer apartment inventory. Howard Erbstein, COO of The Kolter Group, highlighted the strategic alignment between the partners' values and operational platforms, positioning the venture as a foundation for expanded collaboration across both companies' investment and development portfolios going forward.
The Sutton will deliver 432 residential units across studio, one-, two-, and three-bedroom floor plans on a 17.5-acre site, with surface parking included. The location provides significant strategic positioning in the Palm Beach Gardens submarket, offering direct access to I-95 and the Florida Turnpike to connect residents with key employment and retail centers throughout Palm Beach County. The property's proximity to regional amenities—including premier retail, dining, shopping, entertainment venues, coastal access, public beaches, golf courses, and recreation areas—enhances its appeal in the market.
Dan Domb, Managing Member and COO at Rockpoint, emphasized the firm's decade-long track record in South Florida multifamily investing and its selective development approach focused on supply-constrained submarkets with demand for newer apartment inventory. Howard Erbstein, COO of The Kolter Group, highlighted the strategic alignment between the partners' values and operational platforms, positioning the venture as a foundation for expanded collaboration across both companies' investment and development portfolios going forward.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.