San Diego's Fairfield expands Florida multifamily portfolio

Fairfield, a San Diego-based owner and operator of multifamily housing, recently acquired Portofino Place Apartments in West Palm Beach, Fla., expanding its presence in the South Florida rental market.

The property includes one-, two- and three-bedroom apartments and two-story loft residences. It offers four resort-style swimming pools, a 24-hour fitness center, yoga studio, pickleball and tennis courts, an indoor basketball court, coworking space, dog park, guest suites and other social and recreational amenities.

Financial terms of the acquisition were not disclosed.

The purchase is part of Fairfield's strategy of acquiring multifamily properties where operational improvements and capital investments can enhance the resident experience and create long-term value.

"West Palm Beach continues to experience population growth and demand for rental housing," Wes Dickerson, Fairfield's executive vice president of acquisitions, said in a statement. "We believe Portofino Place has been exceptionally maintained and is well-positioned within one of Florida's most dynamic growth markets."

The property provides access to downtown West Palm Beach, major transportation corridors, employment centers, shopping, dining, entertainment and beaches in Palm Beach County.

Fairfield said it plans to make improvements at the community while maintaining it as a high-quality rental housing option.

"We look forward to thoughtfully enhancing the resident experience while continuing to provide a high-quality housing option for current and future residents," said Danny Frate, vice president of acquisitions for Fairfield.

Walker & Dunlop facilitated the sale and financing of the transaction, Fairfield said.

Fairfield owns approximately 50,600 multifamily units nationwide, including luxury new construction, renovated apartments and tax-credit affordable housing. The company provides development, construction, renovation, asset and property management, and acquisition and disposition services.

In addition to its San Diego headquarters, Fairfield has regional offices in Atlanta, Boston, Dallas, Denver and Washington, D.C.