Rockpoint and The Kolter Group Announce Joint Venture to Develop The Sutton in Palm Beach Gardens, Florida

Rockpoint and The Kolter Group have announced a joint venture to develop The Sutton, a multifamily apartment community consisting of 432 units in Palm Beach Gardens, Florida. The deal, which involves an undisclosed amount, was revealed on July 2, 2026, and is set for completion in 2028. Financing for the project has been secured from PNC Bank, supporting the development of this Class A apartment community on a 17.6-acre site.

The Sutton will feature a mix of studio, one-, two-, and three-bedroom apartments, along with surface parking to accommodate residents. The location is strategically positioned with easy access to major highways such as I-95 and the Florida Turnpike, enhancing connectivity to key employment centers and retail hubs in Palm Beach County. The development is expected to attract residents due to its proximity to premier shopping, dining, and recreational options, including public beaches and golf courses.

Rockpoint, based in Boston, has a long-standing history in the South Florida multifamily investment market, having been active in the region for over a decade. The firm has completed or committed to 146 residential investments since 1995, totaling around 100,000 multifamily units. Rockpoint’s investment strategy focuses on high-barrier-to-entry markets that exhibit strong demand for new apartment living, which aligns with the current dynamics in Palm Beach Gardens, known for its supply constraints.

The Kolter Group, a Florida-based real estate development firm, is also well-regarded in the industry, having sponsored over $40 billion in residential projects throughout the Southeast United States. The joint venture with Rockpoint is expected to leverage both firms' expertise and resources, capitalizing on the growing demand for multifamily housing in desirable locations. The Sutton is designed to include high-quality amenities such as a resort-style pool, fitness and wellness spaces, and modern unit interiors, catering to the needs of contemporary renters.

This development reflects broader trends in the real estate sector, particularly in the multifamily housing market, where demand continues to outpace supply in many regions. As urbanization and population growth drive the need for new housing, projects like The Sutton are poised to meet the increasing demand for quality rental options. The collaboration between Rockpoint and The Kolter Group may signal further investment activity in the multifamily sector, particularly in markets that demonstrate strong economic fundamentals and growth potential.