Illustration of garden-style apartment buildings under construction beside a palm-lined road, representing The Sutton in Palm Beach Gardens.
Local Development

Rockpoint and Kolter Land $107.8M Loan for Sutton Apartments

Rockpoint and Kolter Group have launched a joint venture to develop The Sutton, a 432-unit Class-A apartment community in Palm Beach Gardens, financed with a $107.8 million PNC Bank construction loan.

By Brian D'Antoni 5 min read

Updated Oct. 8, 2026. Corrections: the first phase of the Congress Avenue extension opened to traffic in January 2026, not December 2025, and the Hilltop Gardens Mobile Home Park closed in 2007, two years after a 2005 sale. Acreage figures now follow city records. An Oct. 4 update corrected earlier acreage math.

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.

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 figure is the loan amount, not the total project cost, which has not been disclosed. The project was known during planning as Hilltop Gardens, and the Palm Beach Gardens City Council approved its land use change, rezoning and site plan on April 7, 2026, according to city records.

The site was originally 23.2 acres. The previous owner donated 2.1 acres to Palm Beach County for the first phase of the Congress Avenue extension, WLRN reported. City records describe the remaining property as 21.05 acres: an approximately 17.64-acre portion approved for the apartments and a 3.41-acre portion zoned for commercial use. An earlier Kolter proposal for the site called for 450 units, and the announced project is 432 units. The site formerly housed the Hilltop Gardens Mobile Home Park, which held as many as 150 mobile homes, according to The Real Deal, and closed in 2007, two years after a 2005 sale, the Palm Beach Post reported. The land has sat vacant since.

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. Rockpoint says the site has convenient access to Interstate 95 and the Florida Turnpike, and Kolter cites connections to Downtown West Palm Beach and the PGA and Donald Ross corridors.

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 and 13th Floor Investments announced a joint venture that secured a $100 million construction loan from Santander Bank for Link at Boca, an eight-story transit-oriented development next to the Boca Raton Tri-Rail station. Rockpoint is also one of the developers, with Related Group and Two Roads Development, of Rivage Bal Harbour, a 24-story oceanfront condominium slated 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, after landing a $91.7 million construction loan from U.S. Bank, The Real Deal reported. The project uses the state's Live Local Act. Kolter is also planning Alton Cutler Bay, a 330-unit apartment community in Princeton within a mixed-use development that will include a Publix-anchored shopping center and a Baptist Health emergency center and medical office campus.

Local Infrastructure and Market Pressures

The Sutton sits along the first phase of the Congress Avenue extension at Northlake Boulevard, which opened to traffic in January 2026, according to WPTV. WLRN reported in December 2025 that Palm Beach County was still buying land for Phase 2, which will connect Congress north to Alternate A1A. WPTV reported that the apartments' expected completion in summer 2028 would line up with the completion of Congress Avenue.

Other developers are also investing in the Palm Beach Gardens market. In November 2025, Abacus Capital Group secured a $77.5 million construction loan for Arbor House, a 13-story rental project nearby at 3701 Catalfumo Way South. In May 2026, Catalfumo Companies secured a $401 million loan for its Ritz-Carlton Residences, Palm Beach Gardens, under construction at 2200 PGA Boulevard.

In July 2026, when the deal closed, average 30-year mortgage rates were in the mid-6% range (6.43% to 6.66%, Freddie Mac weekly averages from July 2 to July 30, 2026). Rockpoint's Dan Domb said the firm focuses on submarkets like Palm Beach Gardens that are "highly supply constrained and have demand for newer vintage apartment living."

Sources

Key Facts for Owners and Search

What is The Sutton?

A planned 432-unit Class A apartment community at 3090 Lychee Street in Palm Beach Gardens, developed by a joint venture of Rockpoint and The Kolter Group. Rockpoint’s July 2, 2026 announcement describes five-story buildings with studio to three-bedroom apartments and surface parking, scheduled to be completed in 2028. Schedules can change, so confirm timing before planning around it.

How was The Sutton financed?

The joint venture closed on the 17.6-acre site on July 6, 2026 for $30.67 million, according to Palm Beach County property records published by Traded. PNC Bank provided a $107.8 million construction loan, which is the loan amount, not the total project cost. The seller was Gardens Business Center PB LLC.

What amenities are planned?

Rockpoint’s announcement lists a resort-style pool, fitness and wellness spaces with a group fitness room, co-working rooms, a resident lounge, a dog park, a children’s playground and a maker’s studio. Interiors will have stainless steel appliances, quartz countertops and luxury vinyl tile flooring, which points to work for pool, fitness, flooring and furnishing vendors.

Why does the location matter?

Kolter places the site along the Congress Avenue extension with access to Northlake Boulevard, PGA Boulevard and I-95. The first phase of that extension at Northlake Boulevard opened to traffic in January 2026, and the county is acquiring land for Phase 2, which will connect north to Alternate A1A, improving connectivity for the northern Palm Beach County rental market.

What changed from the original plan?

The announced plan is 432 units, down from 450 proposed units on a 23.2-acre site. About 2.1 acres were donated to Palm Beach County for the first phase of the Congress Avenue extension. City records split the remaining 21.05 acres into about 17.64 residential acres and a 3.41-acre commercial portion, approved April 7, 2026.

Filed Under Local Development Palm Beach County Palm Beach Gardens Real Estate The Sutton Apartments Kolter Group Rockpoint