Lynd Development recently commenced building The Villas at Tuttle Royale, a 401-unit luxury apartment project in Western Palm Beach County. The real estate firm partnered with Tuttle Land Investments on the project, which required a $126 million construction loan from S3 Capital and $21 million in preferred equity from Declaration Partners.
The 401-unit rental community will feature 26 three-story garden-style apartments and 55 townhomes with garages and a private, fenced ground-floor terrace. The units are expected to be delivered in the third 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,” Lynd Group CEO A. David Lynd says. “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, called the Villas at Tuttle Royale, will offer one, two and three-bedroom units averaging 1,119 square feet, and larger townhomes with three and four bedrooms ranging in size from 1,685 to 2,035 square feet. Rents will start at over $2,000 for a one-bedroom, one-bathroom unit.
Each residence will have high-end finishes and technology built in throughout. Community amenities include a resort-style pool with cabanas, a state-of-the-art fitness facility, a dog park, and lakeside putting and chipping greens. The project also has indoor and outdoor summer kitchens 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,” Anthony Tiritilli says, President of Lynd Development. “This project is part of our overall expansion plan in Florida, and we hope to have more announcements coming soon.”