JV Completes 264-Unit South Florida Community

Mast Capital, Rockpoint and The Spear Group have completed the 264-unit Edera Palm Springs Apartments in the village of Palm Springs, Fla. The community, located at 2085 South Congress Ave., encompasses 11 three-story buildings in a garden-style setting.

Designed by MSA Architects, Edera Palm Springs offers one-, two- and three-bedroom units ranging from 715 to 1,215 square feet. Unit amenities include wood cabinets, quartz countertops and stainless-steel appliances. Layouts provide open living and dining spaces with Wi-Fi connectivity accessible throughout the residences.

Common amenities include a clubhouse, indoor-and-outdoor yoga area and fitness lawn, lake with a walking path, dog park, children’s playground and a pool with cabanas and lounge chairs. Indoor amenities feature coworking spaces and conference rooms, a game room with billiards and Foosball and a fitness studio. Other on-site conveniences are smart parcel lockers, optional storage units and electric vehicle charging stations.

The partners developed the property with a construction loan of $42.4 million originated in November 2022 by Santander Bank, Yardi Matrix data shows.

At its opening, the community is about 60 percent leased, which Mast Capital CEO Camilo Miguel Jr. chalks up to pent-up demand for newly built rental communities as the population of the village of Palm Springs grows. The village, a West Palm Beach suburb, saw its population expand from 18,928 in 2010 to 26,890 in 2020, according to the Census Bureau.

Mast Capital has been an active real estate developer and investor in Florida in recent years, with a portfolio of residential, hospitality and commercial properties throughout the state. The company has developed over 4,000 residential units in South Florida, as well as the Fort Myers and Tampa metro areas.

Rockpoint is a real estate private equity firm that, along with a predecessor firm, has invested in or committed to more than 500 deals with a total peak capitalization of about $80 billion.

The Spear Group is a private real estate investment and development firm with offices in South Florida and Massachusetts, developing single-family homes, condos, townhouses and rental apartments.

West Palm Beach’s high demand 

Class A apartments are in high demand in West Palm Beach, according to Institutional Property Advisors. The five submarkets that comprise the area each had a Class A vacancy rate of 5.3 percent or lower as of the second quarter of 2024. And of the 63 submarkets that encompass Florida’s major metros, West Palm Beach accounted for five of the 18 tightest areas for luxury apartments.

Net multifamily absorption of nearly 1,700 units in greater West Palm Beach from January through March 2024 was the strongest quarterly tally since 2021, IPA notes. This lowered vacancy to 5 percent, one of just five major U.S. markets to log a year-over-year drop for that quarter.

Developers have responded to the demand by putting shovels in the ground. Apartment completions exceeded 4,000 units in the second quarter of this year for the first time on record in the county, expanding metro stock by 3.3 percent, IPA reports. Projects average roughly 275 units, with some including as many as 350.

Also recently in the Palm Springs area, Western National Property Management was selected to manage a luxury 330-unit community. Millennium Apartments, located in the heart of the Coachella Valley region, is newly built and features homes ranging from 603 to 1,512 square feet.