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Cortland sells West Palm Beach apartment complex for $208M
Fairfield Residential paid $208M for 812 units at Portofino Place, a deal that follows Cortland’s higher 2021 purchase price of $229M.
Bisnow reports Cortland Partners sold the 812-unit Portofino Place Apartments in West Palm Beach, Florida, to Fairfield Residential for $208M, according to property records provided by Vizzda.
The 23-year-old complex at 4400 Portofino Way includes 34 residential buildings and two clubhouses, totaling 1.1 million square feet, with unit sizes ranging from one- to three-bedroom homes.
Bisnow notes the community spans amenities such as four pools, a gym, yoga studio, and pickleball and tennis courts, plus coworking space, an indoor basketball court, and a dog park.
The sale is described as among the largest multifamily transactions in South Florida this year, despite Cortland having accepted a discount versus its $229M purchase price in 2021, with Bisnow pointing to sluggish market conditions marked by slow rent growth and a deep construction pipeline.