Cortland sells multifamily complex for $208M as market oversupply shows signs of balancing

Fairfield Residential bought a massive West Palm Beach apartment complex for $208 million, as the multifamily market finds it footing after a slowdown in recent years.  The multifamily trade was the second biggest in South Florida so far this year.  San Diego-based Fairfield purchased the 812-unit Portofino Place Apartments at 4400 and 4600 Portofino Way from Atlanta-based Cortland, according to records and real estate database Vizzda. The deal breaks down to nearly $256,200 per door.  Completed in 2003 and 2006, the complex consists of 34 three-story buildings and a pair of clubhouses and stretches on nearly 40 acres, Vizzda records […]

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