Kolter Multifamily Lands $91.7M Construction Loan, Breaks Ground on Alton Delray

• Kolter Multifamily closed a $91.7M construction loan from US Bank for Alton Delray, a 386-unit Class A apartment community at 2101 S. Congress Avenue in Delray Beach.
• 154 of the 386 units (40%) are designated workforce housing under Florida's Live Local Act, with rents pegged below market.
• Five buildings totaling 542,078 SF on a former industrial site Kolter acquired for $21.88M in July 2024, with roughly $237,600 in construction debt per unit.
• Initial deliveries targeted for late 2027.

Kolter Breaks Ground on Delray's Congress Corridor

Kolter Multifamily closed $91.7 million in construction financing from US Bank and broke ground on Alton Delray this week, planting a flag on a stretch of South Congress Avenue that has become one of Palm Beach County's most active rental development zones.

The project rises on 2101 S. Congress Avenue, a former industrial property Kolter bought for $21.88 million in July 2024. The site plan calls for five residential buildings, three six-story and two five-story, totaling 542,078 square feet, anchored by a two-story, 8,348-square-foot clubhouse. At 386 units and $91.7 million in construction debt, the loan works out to roughly $237,600 per door.

"Alton Delray represents an exceptional opportunity to deliver high-quality housing in one of South Florida's most supply-constrained coastal markets," said Steve Perez, Managing Director of Kolter Multifamily. "With its proximity to I-95 and direct access to Atlantic Avenue, residents will enjoy seamless connectivity to employment centers, entertainment destinations, and the unique lifestyle that defines Delray Beach."

The project leans on Florida's Live Local Act for streamlined approvals: 154 of the 386 units, 40 percent of the community, are reserved as workforce housing at below-market rents. The remaining 232 units rent at market rate, with 1,748 square feet of ground-floor commercial space completing the program.

A Corridor Adding Up Fast

Alton Delray is dropping into one of the busiest apartment pipelines in Palm Beach County. The competition is immediate and literal: Parks at Delray, developed by 13th Floor Investments and Key International, delivered its first phase, Savio, with 420 units at 2100 South Congress Avenue in May 2025, one address over. Phase two, the 327-unit Skye at 2350 S. Congress, topped out last month after closing a $79.2 million construction loan from CIBC Bank USA and is also targeting a 2027 delivery.

Elsewhere on the corridor, Alexan Delray (267 units) is set to open this summer, and Aura Delray Beach (292 units) is already leasing. By the time Alton Delray delivers its first residents, the corridor will have added well over 1,300 units in roughly two years, a concentrated bet on the Congress Avenue submarket's ability to absorb institutional-grade rental supply.

The fundamentals backing that bet: the corridor sits just west of I-95 with direct access to Boca Raton, West Palm Beach, and the broader South Florida employment spine, while Atlantic Avenue's restaurants, retail, and nightlife are minutes away.

Kolter's Home Court

For Kolter, Alton Delray is a hometown play. The Kolter Group is based in Delray Beach, led by CEO Bobby Julien, and operates four residential development business units across the Southeast. Kolter Multifamily's track record spans 23 communities and $3.0 billion in realized and in-process project value, with recent groundbreakings including Alton Sarasota (256 units) in late 2025 and Alton Biscayne in Miami-Dade, where the firm secured $86.1 million from PNC Bank.

Construction is now underway. The first units at Alton Delray are expected in late 2027.