Lynd Development, a division of Texas-based Lynd Group, breaks ground on The Villas at Tuttle Royale, a 401-unit luxury apartment project in Western Palm Beach County. In partnership with Tuttle Land Investments, Lynd has secured a $126 million construction loan from S3 Capital and $21 million in preferred equity from Declaration Partners.
Construction is already underway on the 401-unit rental community which will feature 26, 3-story garden-style apartments, and 55 townhomes with garages and private, fenced ground floor terrace. The units are expected to be delivered in the 3rd quarter of 2024.
“Not very many deals can stomach the increased construction and finance costs happening in today’s market and still be economically viable,” said Lynd Group CEO A. David Lynd. “This project is moving forward due to the lack of available product in the area. Last quarter, Royal Palm was one of the only submarkets in America to report rent increases and we are excited to deliver an amazing, much needed luxury product to the area.”
The rental units currently under construction, to be called the Villas at Tuttle Royale, will offer 1, -2 and 3-bedroom units averaging 1,119 square feet, and larger townhomes with 3 and 4 bedrooms ranging in size from 1,685-2,035 square feet. Rents will start at over $2,000 for a 1-bedroom, 1-bathroom unit.
Each residence will have high-end finishes and technology built-in throughout. Best-in-class amenities include a resort-style pool with cabanas, state-of-the-art fitness facility, dog park and lakeside putting and chipping greens.
Additionally, the project includes indoor and outdoor summer kitchens fit for cooking classes, fire pits, soccer fields, world class jogging, bike trail and hot/cold plunge pools.
“Lynd is extremely excited to launch this project in Royal Palm,” said Anthony Tiritilli, President of Lynd Development. “This project is part of our overall expansion plan in Florida, and we hope to have more announcements coming soon.”
Lynd’s team includes Kevin O’Grady of Miami-based Concord Summit Capital who arranged the $126 million construction loan from S3 Capital, and BJ Litwin who arranged preferred equity through New York-based Declaration Partners. West Palm Beach Verdex Construction is serving as general contractor.
Founded in 1980, The Lynd Group has extensive experience in property management, development, acquisitions, construction management and asset management, especially in Florida. In Miami, Lynd developed NINE at Brickell Village, a 390-unit luxury condominium high-rise, and is currently developing a $30 million, 8-story self-storage facility on U.S. 1.
One the investment side, a Lynd JV sold a 444-unit value-add multifamily asset in Jacksonville for $66 million in 2022, just three years after acquiring the property for $35.15 million. A year prior, the real estate firm sold a 280-unit garden-style rental community in Margate for $66.5 million just eight months after buying it for $51 million.