ROYAL PALM, FLA. — Lynd Development, a subsidiary of San Antonio-based Lynd Group, has broken ground on The Villas at Tuttle Royale, a 401-unit luxury apartment development in Royal Palm. Situated on the west side of South Florida’s Palm Beach County, the property will feature 26 three-story, garden-style buildings and 55 townhomes.
Lynd and partner Tuttle Land Investments recently secured a $126 million construction loan from S3 Capital and a $21 million preferred equity investment from New York-based Declaration Partners to fund the project. Kevin O’Grady of Miami-based Concord Summit Capital arranged the debt, and B.J. Litwin of GLJ Real Estate LLC sourced the preferred equity.
Villas at Tuttle Royale will comprise one-, two- and three-bedroom units averaging 1,119 square feet and three- and four-bedroom townhomes ranging in size from 1,685 to 2,035 square feet. Rents are expected to start at over $2,000 for a one-bedroom apartment. Amenities will include a resort-style pool with cabanas, fitness facility, dog park, lakeside putting and chipping greens, indoor and outdoor summer kitchens, fire pits, soccer fields, a jogging and bike trail and hot/cold plunge pools.
Lynd expects first units to deliver in third-quarter 2024. West Palm Beach-based Verdex Construction is the general contractor for the project.