A
bacus Capital Group acquired a multifamily development site within Catalfumo Companies' PGA Station project in Palm Beach Gardens for $32.5 million. The 4.7-acre property at 3701 Catalfumo Way South is approved for two 13-story buildings with 620 units, according to records and real estate database Vizzda. Catalfumo Companies, led by Daniel Catalfumo, sold the site to Abacus Capital, which has recorded a notice of commencement for demolition.

    The PGA Station project will feature 1,016 apartments, a 122-key hotel, retail space, medical offices, and office space upon completion. Gatsby FL is developing an eight-story office building with retail at a nearby site, while Catalfumo and The Richman Group are already constructing the first apartment project with 396 units.

    Abacus Capital, led by CEO Ben Friedman, has invested $4.8 billion in apartments over the past decade. In September, it paid $110 million for the Marela Apartments complex in Pembroke Pines. Catalfumo Companies, founded in 1978, has a portfolio of 75 million square feet valued at over $8 billion.

    South Florida's multifamily market experienced rapid growth from 2019 to 2022 due to an influx of residents and record rent increases. However, demand has slowed this year, with rent growth flatlining. Despite the slower market, developers that started projects last year or this year are expected to complete a record number of units by year-end, with 23,863 new units projected across the tri-county region, according to a Berkadia report.