Updated Aug 28, 2026
Richard Boynton Of Fairfield Residential Acquires 812-Unit Portofino Place Apartments For $208M
4600 Portofino Way
$208,000,000
Units
812
Asset Type
MultiFamily
Closing
Aug 28, 2026
About this deal
AI
The transaction involved the sale of the Portofino Place Apartments, a multifamily asset comprising 812 units situated on 40 acres at 4400 & 4600 Portofino Way in West Palm Beach, FL. The sale price was $208,000,000, translating to approximately $256,158 per unit. The buyer secured financing for the acquisition through a loan of $178.1 million provided by Freddie Mac.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $208,000,000
- Buyer: Richard Boynton - Fairfield Residential
- Seller: Steven DeFrancis - Cortland
- Lender: Freddie Mac
- Units: 812
- Price Per Unit: $256,158
- Acreage: 40
This transaction marks Fairfield Residential's acquisition of the 812-unit Portofino Place Apartments from Cortland, representing South Florida’s second-largest multifamily trade of the year as the demand for apartments exceeds new supply following a three-year slowdown in development.
Players
West Palm Beach MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Deal FAQ
About $256.2K per unit across 812 units on a published $208M (2026).
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.08%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93