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uxury developer Fort Partners has acquired a 25-unit bayfront apartment complex in West Palm Beach for $20 million. The purchase could signal the firm's entry into a growing trend of high-end developments along West Palm's waterfront. Led by Nadim Ashi, Fort Partners bought the nearly acre property at 3906 Washington Road and 3907 South Flagler Drive from Philips International.

    The complex spans two properties: an eight-unit one-story building completed in 1955 and a 17-unit five-story building built in 1972, along with a smaller two-story building constructed in 1987. Fort Partners borrowed $11 million to finance the deal from Ellington Financial, a Connecticut-based firm.

    Philips International, led by Philip Pilevsky, acquired the complex for $4.3 million in 2015 and has been an occasional investor in South Florida. The firm sold a Palm Beach County multifamily portfolio in 2022 for $17 million and purchased a mobile home park in Hialeah in 2018.

    Fort Partners' South Florida holdings include several high-end properties, including the Surf Club Four Seasons in Surfside and the Seaway at the Surf Club condo project. The firm is also planning the Surf House condo project in Surfside and partnering with Ugo Colombo on a Four Seasons Private Residences project in Coconut Grove.

    Developers are increasingly focusing on West Palm Beach's waterfront for high-end projects, including Steve Ross' 28-story Shorecrest condo and Related Group's Ritz-Carlton Residences.