Rockpoint Group and Kolter Group Form Joint Venture to Develop 432-Unit The Sutton in Palm Beach Gardens, With PNC Financing
BOSTON and PALM BEACH GARDENS, Fla. — July 2, 2026 — Rockpoint Group Group, a Boston-based real estate private equity firm, and Kolter Group, a Florida-based real estate development and investment firm, have formed a joint venture to develop The Sutton, a 432-unit multifamily apartment community in Palm Beach Gardens, Florida. PNC provided financing for the project, which also includes the acquisition of the land. The announcement was made July 2, 2026.
Project Overview: The Sutton in Palm Beach Gardens
The Sutton will be a five-story, Class A apartment community situated on a 17.6-acre site in Palm Beach Gardens. The development will include studio, one-, two-, and three-bedroom apartments along with surface parking. The project is scheduled for completion in 2028.
The site offers access to I-95 and the Florida Turnpike, providing connectivity to Palm Beach County's employment and retail centers. The Kolter Group and Rockpoint Group highlighted the property's proximity to retail, dining, entertainment, public beaches, parks, golf courses, and recreation areas as key positioning elements for the development.
Planned amenities include 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. Unit interiors are planned to feature stainless steel appliances, quartz countertops, and luxury vinyl tile flooring.
Joint Venture Structure and PNC Bank Financing
The transaction involves affiliates of both Rockpoint Group and The Kolter Group and covers both the land acquisition and development of the site. PNC Bank provided financing for the project. Financial terms, including the loan amount and total project cost, were not disclosed.
"Rockpoint has been active in South Florida multifamily investing for more than a decade, and our selective development strategy allows us to focus on submarkets like Palm Beach Gardens that are highly supply constrained and have demand for newer vintage apartment living," said Dan Domb, a Managing Member and COO at Rockpoint. "We're excited to enter this partnership with the Kolter team to develop this unique property."
"Rockpoint's team is experienced and well-regarded, and their values and platform align well with Kolter's," said Howard Erbstein, COO of The Kolter Group. "It's a great foundation to capitalize on further investments together across our various businesses."
Rockpoint Group's Multifamily Investment Strategy
Rockpoint Group describes its approach as a fundamental value strategy targeting select product types and markets throughout the United States. The firm has closed on or committed to 146 residential investments since 1995, comprising approximately 100,000 multifamily units. Since 1994, the firm's co-founders, along with others, have sponsored 19 investment vehicles and related co-investment vehicles through Rockpoint and a predecessor firm, participating in 517 transactions with a total peak capitalization of approximately $83 billion.
The firm said it continues to target opportunities in high-barrier-to-entry markets with strong demand drivers, seeking to create value through active asset management and repositioning strategies.
Kolter Group's Multifamily Platform
The Kolter Group, based in Delray Beach, Florida, operates four residential development business units and has sponsored over $40 billion of realized and in-process residential real estate projects throughout the Southeast United States. The firm is led by CEO Robert "Bobby" Julien.
Kolter Multifamily LLC, the firm's rental housing arm, focuses on the acquisition and development of market-rate and affordable rental communities near employment and shopping. The Kolter Multifamily track record includes 23 multifamily communities representing $3.0 billion of realized and in-process project value.
Market Context: Palm Beach Gardens Multifamily
Palm Beach Gardens sits in northern Palm Beach County and has access to major highway infrastructure and proximity to the county's employment and retail base. Rockpoint Group characterized Palm Beach Gardens as "highly supply constrained" in its announcement, a factor the firm cited as central to its investment rationale.
With a targeted 2028 delivery, the joint venture is developing a project that both Rockpoint Group and The Kolter Group have identified as aligned with their respective investment strategies in the Southeast United States.