Cortland Partners has sold the Portofino Place east and west garden-style apartment communities in West Palm Beach in a transaction totaling $208 million. The sale was completed in two deeds and transferred a combined 812 units at 4400 and 4600 Portofino Way to Fairfield Residential.
The deal price equates to approximately $246,000 per unit across the two neighboring properties. The communities, which share the Portofino Place branding, comprise a total of 1.13 million square feet of residential space and sit on 39.2 acres that include a lake.
According to reporting cited from the South Florida Business Journal, the larger of the two assets contains 416 units and was valued at $108 million. That portion of the community was built in 2003. The second property includes 396 units, was constructed in 2006, and was valued at $100 million in the transaction.
Walker & Dunlop arranged mortgage financing for Fairfield Residential through Freddie Mac, with two separate loans connected to the acquisition. The buyer received mortgages of $93.13 million and $85 million, and both loans carry a stated maturity date in September 2033.
The pair of apartment complexes last changed hands in 2021, when they traded for a combined $229 million. The current sale therefore reflects a lower combined valuation compared with that prior transaction, even as the assets have remained fully intact as a large-scale, contiguous rental community.
Portofino Place offers a range of unit sizes from 820 square feet to 1,672 square feet. Asking rents at the time of the report ranged from $1,749 to $3,135 per month, positioning the community within the upper-tier rental segment for its area. On-site amenities include multiple swimming pools, a media room, a basketball court, a pickleball court, a tennis court, and a fitness center.
The two properties are configured as garden-style apartments, with the large site area and shared lake contributing to a campus-like environment. The combination of substantial unit count, amenity package, and long-term Freddie Mac financing underscores the institutional scale of the asset and the buyer.
