Cortland Offloads 812 West Palm Beach Apartment Units for $208M

The Portofino Place east and west apartment community in West Palm Beach sold for a combined $208 million in two deeds. Cortland Partners sold the 812 apartments at 4400 and 4600 Portofino Way to Fairfield Residential. It comes out to $246,000 a unit.

The S. Florida Business Journal reports the individual properties were valued at $108 million for the first 416 units, built in 2003, and $100 million for the second 396 units, constructed in 2006. Walker & Dunlop, through Freddie Mac, provided the buyers with mortgages of $93.13 million and $85 million, respectively, with a due date in September 2033.

The two apartment complexes last traded for a combined $229 million in 2021.

The two garden-style apartment complexes total a combined 1.13 million square feet. They are situated on 39.2 acres, including a lake. Units in Portofino Place range from 820 to 1,672 square feet and rent from $1,749 to $3,135. Amenities include pools, a media room, a basketball court, a pickleball court, a tennis court, and a fitness center.