Real estate investment firm Rockpoint and developer The Kolter Group have launched a joint venture to build The Sutton, a 432-unit apartment complex in Palm Beach Gardens, capitalizing on northern Palm Beach County's growing demand for rental housing.
The Land Acquisition and Project Financing
Affiliates of Boston-based Rockpoint and Delray Beach-based Kolter Group closed the acquisition of the 17.6-acre development site at 3090 Lychee Street on July 6, 2026. The joint venture purchased the property for $30.67 million from Gardens Business Center PB LLC, according to Palm Beach County property records published by Traded.
To fund the construction, PNC Bank provided a $107.8 million construction loan to the developers. The project, previously known during its planning phases as Hilltop Gardens, received unanimous approval from the Palm Beach Gardens City Council in late 2025.
The project footprint decreased from its original 23.2 acres to 17.6 acres after the previous owner donated 2.1 acres to Palm Beach County. The donated land allowed the county to construct the first phase of the Congress Avenue road extension. Because of this smaller footprint, the developers reduced the project size from 450 proposed units to 432 units. The site formerly housed the Hilltop Gardens Mobile Home Park, which was built in the 1970s and sat vacant since the eviction of its final 150 residents in 2005.
Class-A Design and Community Amenities
The Sutton will consist of six five-story garden-style buildings. Future tenants can choose from studio to three-bedroom floor plans. Interior spaces will feature quartz countertops, stainless steel appliances, and luxury vinyl tile flooring.
The project team includes architectural firm Bizi Arq and civil engineering firm Kimley-Horn. Cotleur & Hearing managed landscape architecture and planning. The design centers on a central pool courtyard and a fitness center. Outdoor spaces include a dog park and a playground. The developers also incorporated a maker's studio and integrated coworking spaces to accommodate remote professionals.
The partners expect to complete construction in 2028. The location sits near Interstate 95 and the Florida Turnpike, allowing residents to commute to West Palm Beach and northern hubs like Jupiter.
Expanding Portfolios Across South Florida
Both firms are expanding their footprints in the region through similar joint ventures and independent projects. In February 2026, Rockpoint partnered with 13th Floor Investments to secure a $100 million loan from Santander Bank. That joint venture is building Link at Boca, an eight-story transit-oriented development next to the Boca Raton Tri-Rail station. Rockpoint is also working with Related Group and Two Roads Development to build Rivage Bal Harbour, a 24-story oceanfront condominium scheduled for completion in 2027.
Kolter Multifamily is pursuing its own pipeline. In June 2026, the developer broke ground on Alton Delray, a 386-unit apartment community at 2101 South Congress Avenue in Delray Beach. Kolter secured a $92 million construction loan from U.S. Bank for that project, which operates under the state's Live Local Act. The developer is also planning Alton Cutler Bay, a 330-unit project in Princeton that will feature a new Publix supermarket and a Baptist Health center.
Local Infrastructure and Market Pressures
The Sutton sits on the first phase of the Congress Avenue extension at Northlake Boulevard, which the county opened in December 2025. Palm Beach County is acquiring land to build Phase 2 of the extension, which will connect north to Alternate A1A. This road project improves local connectivity and makes the surrounding parcels more attractive to institutional capital.
Other developers are also placing large bets on the Palm Beach Gardens market. In November 2025, Abacus Capital Group secured $77.5 million in financing to build Arbor House, a 13-story rental project nearby on Catalfumo Way. In May 2026, Catalfumo Companies secured a $401 million bridge loan to complete its Ritz-Carlton Residences project on PGA Boulevard.
Market conditions favor these new rental developments. Mortgage interest rates remain in the mid-to-high 6% range, prompting many South Florida residents to delay home purchases. This trend channels steady demand toward high-end rental properties like The Sutton, where renters look for luxury alternatives to dense coastal areas.
Disclosure: This article was drafted with AI assistance by The Sundaze Gazette editorial team and reviewed before publication.
Source: This article was developed using joint venture and development details originally published by PR Newswire. — https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQHWL1A9KNtgnQhLaj9Xz2YS1mSUtve4rfElSv0nDSRlWGCrO4QR0bWym0QTPcZHQv8QNARAb-lyUSYW6y5uz1ifNdWJkT0VLzqcgcZl0IAhRZ0GpVedXCgrrr015c1v3NbzrNSpwDUSqbpCqKvzEapH6c9ybnW2nvS74Sqt6QivlmHy37jNKm8e8yPrJd12nn0hjPcQZW2YwQLQ8CegAbMHRknJTU52UUzvNmpSl9AtaN47BTjk7emVCb1EZtTd8yqjk2OWzWnR4H1SXCH09begYbqZ_XqaZQ==
