Rockpoint and The Kolter Group Announce Joint Venture to Develop The Sutton in Palm Beach Gardens, Florida
Rockpoint, a Boston-based real estate private equity firm, and The Kolter Group, a Florida-based diversified real estate development and investment firm, have announced a joint venture to develop The Sutton, a 432-unit multifamily apartment community in Palm Beach Gardens, Florida. The financing for the project was provided by PNC Bank.
The Sutton is scheduled for completion in 2028 and will feature a mix of studio, one-, two-, and three-bedroom apartments along with surface parking. The site is centrally located in Palm Beach Gardens, providing convenient access to I-95 and the Florida Turnpike, thereby linking residents to key employment and retail centers in Palm Beach County. Additionally, the property will be near various retail, dining, and entertainment options, along with public beaches, parks, and golf courses.
Dan Domb, a Managing Member and COO at Rockpoint, expressed enthusiasm about the project, noting the firm's selective investment strategy in South Florida's multifamily market. "Our focus on supply-constrained submarkets demonstrates the rising demand for newer apartment living," he said.
Howard Erbstein, COO of The Kolter Group, praised Rockpoint's experienced team, highlighting how their values align with Kolter's. "This partnership lays a solid foundation for further investments across our various businesses," he stated.
The Sutton will offer a range of upscale amenities, including a resort-style pool, fitness and wellness spaces, co-working areas, a resident lounge, a dog park, a children’s playground, and a maker's studio. Apartment interiors will feature high-quality finishes, such as stainless steel appliances, quartz countertops, and luxury vinyl tile flooring.
Rockpoint has a long history in the residential investment sector, having engaged in 146 residential investments since 1995, equating to approximately 100,000 multifamily units. The company continues to seek opportunities in high-demand markets where it can create value through active asset management.