Abacus Capital Group paid $32.5 million for a multifamily development site within Catalfumo Companies’ mixed-use PGA Station project in Palm Beach Gardens.
New York-based Abacus Capital bought the site at 3701 Catalfumo Way South, which is approved for a pair of 13-story buildings with a total of 620 units, according to records and real estate database Vizzda.
Palm Beach Gardens-based Catalfumo Companies, the master developer of the 37.6-acre PGA Station, sold the development site to Abacus.
The 4.7-acre property now consists of two three-story office buildings completed in 2007 and 2009, according to records. Abacus Capital has recorded a notice of commencement of demolition.
Catalfumo, led by Daniel Catalfumo, scored approval in February for the 620-unit apartment project on Abacus’ site.
As a whole, PGA Station will have 1,016 apartments; a 122-key hotel; 16,000 square feet of retail; 12,500 square feet of restaurant space; 110,000 square feet of medical offices and 358,000 square feet of other office space, according to a project site plan.
Gatsby FL, an affiliate of New York-based Gatsby Enterprises, is expected to develop an eight-story office building with 7,000 square feet of retail at 11200 RCA Center Drive at PGA Station. The firm, led by Nader Shalom and Babak Ebrahimzadeh’s Master Mind, paid $17.5 million for the site in 2022.
Catalfumo and The Richman Group of Companies already are developing the first apartment project, consisting of 396 units at 11025 RCA Center Drive.
Led by CEO Ben Friedman, Abacus is a multifamily investment and development firm founded in 2004, according to its website. It has invested $4.8 billion into apartments over the past decade.
In September, Abacus paid $110 million for the 268-unit Marela Apartments complex at 250 Northwest 130th Avenue in Pembroke Pines. The price marked a 9 percent discount from seller Rreef Property Trust’s purchase price in 2021.
Catalfumo, founded in 1978 and based at PGA Station, is a real estate development firm with a completed portfolio of 75 million square feet valued at over $8 billion, according to its website.
The firm is developing the 106-unit Ritz-Carlton Residences, Palm Beach Gardens, condominium with three seven-story buildings south of PGA Boulevard, along the Intracoastal Waterway. The developer scored a $340 million construction loan last year, when the project had pre-sold about $75 million worth of units.
South Florida’s multifamily market boomed over the past four years due to an influx of residents and record rent growth, prompting developers to build new projects. This year, demand has calmed and rent increases have flatlined. At the same time, developers that started projects last year or this year are expected to complete a record number of units amid a slower market.
By year-end, 23,863 new units, the most since at least 2002, are expected to be completed across the tri-county region, according to a Berkadia report.