On Aug. 28, Top 50 apartment owner Fairfield announced that it’s growing its portfolio in South Florida by acquiring the Portofino Place Apartments in West Palm Beach, Florida, according to a news release.
The Real Deal reported that Atlanta-based Cortland, another Top 50 owner, sold the 812-unit property for $208 million.
Portofino Place provides one-, two- and three-bedroom apartment homes, along with two-story loft residences, per the release. Its amenities include four resort-style swimming pools, a 24-hour fitness center, a yoga studio, pickleball and tennis courts, an indoor basketball court, a coworking space, a dog park, guest suite accommodations and multiple social and recreation areas.
“We believe Portofino Place has been exceptionally maintained and is well-positioned within one of Florida's most dynamic growth markets,” Wes Dickerson, executive vice president of acquisitions for Fairfield, said in the release.
San Diego-based Fairfield views the property, located minutes from downtown West Palm Beach, as a strong value-add opportunity. The firm’s strategy is to invest in properties where operational enhancements and capital improvements can support the resident experience and create long-term value, per the release.
“We look forward to thoughtfully enhancing the resident experience while continuing to provide a high-quality housing option for current and future residents,” Danny Frate, vice president of acquisitions for Fairfield, said in the release.
However, Palm Beach County is still dealing with new apartment deliveries, with new property openings expected to jump 25% year over year in 2026 after a lull in 2025, according to Marcus & Millichap. Downtown West Palm Beach is expected to get more than 60% of those units.
Vacancies fell 80 basis points over the past two years, but it is expected to inch up in 2026, according to Marcus & Millichap. However, Fairfield sees long-term growth potential in the market.
“West Palm Beach continues to experience population growth and demand for rental housing,” Dickerson said.
Portofino Place Apartments provides convenient access to Downtown West Palm Beach, major transportation corridors, employment centers, shopping, dining, entertainment destinations and beaches, per the release.
Walker & Dunlop facilitated the sale and financing.
Fairfield owns approximately 50,600 units and has offices in Atlanta, Boston, Dallas, Denver, and Washington, D.C. It ranked No. 21 on the latest National Multifamily Housing Council Top 50, while Cortland ranked No. 7.
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