Cortland Divests West Palm Beach Apartments to Fairfield Residential for $208M

Multifamily developer Cortland has sold Portofino Place Apartments in West Palm Beach, Florida, to Fairfield Residential for $208 million. The transaction prices out to roughly $256,200 per unit across the 812-unit garden-style community.

Located at 4400 and 4600 Portofino Way between North Military Trail and Interstate 95, the property spans nearly 40 acres across 34 three-story buildings. The transaction closed via two deeds: a $108 million transfer for 416 units completed in 2003, and a $100 million transfer for 396 units completed in 2006. To finance the purchase, Fairfield Residential assumed two Freddie Mac-backed loans totaling roughly $178 million ($93.1 million and $85 million balances), both maturing in September 2033.

Cortland previously bought the property in 2021 for $229 million, taking a nearly $20 million loss on the disposition as local rent growth decelerated from pandemic peaks. The transaction highlights how loan assumptions and pricing corrections continue to facilitate high-volume multifamily trades in South Florida despite slower rent expansion.