Kolter Group And Rockpoint Acquire 17.5 Acre Development Site In Palm Beach Gardens For $30.67M

The asset involved in this transaction is a 17.5-acre development site located on the north side of Northlake Boulevard in Palm Beach Gardens, FL. The site was sold for a total price of $30,670,000, emphasizing its significance in the local real estate market.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $30,670,000
• Buyer: Bobby Julien - Kolter Group; Keith Gelb, Tom Gilbane & Aric Shalev - Rockpoint
• Seller: Gardens Business Center PB LLC
• Brokers: Leslie Maister, Jeffrey Kelly, Robert Smith & Kirk Nelson - CBRE
• Lender: PNC Bank

This transaction involves prominent figures including Bobby Julien from Kolter Group and Keith Gelb, Tom Gilbane, and Aric Shalev representing Rockpoint. The joint venture aims to develop The Sutton, a planned 432-unit garden-style apartment community on the acquired site, with construction financing to be secured from PNC Bank, and completion expected by 2028.