Lake Worth Beach multifamily development is heating up, and Midtown Capital Partners is making a major move with a new project that’s catching attention across South Florida. The investment firm just secured a $57 million bridge loan to complete Astor Sound, a brand-new 230-unit apartment community in Lake Worth Beach. Backed by institutional capital and designed with modern renters in mind, this project highlights growing confidence in Palm Beach County’s rental market.
Why Lake Worth Beach?
Located in central Palm Beach County, Lake Worth Beach sits just minutes from West Palm Beach, Palm Beach State College, JFK Medical Center, and major highways like I-95. Its strategic position offers convenience to both local professionals and commuters. As a result, Lake Worth Beach real estate has seen growing demand over the past few years.
Population growth continues to rise steadily in this part of South Florida, and the demand for new apartments is outpacing supply. Despite a strong rental market, there's limited inventory available, especially for newly built, well-amenitized communities.
According to Palm Beach County’s economic council, the area is becoming a magnet for developers due to its job growth, population increase, and central location. That makes Lake Worth Beach multifamily development an increasingly attractive play for institutional investors.
Inside Astor Sound in Lake Worth Beach: Smart Design for Today’s Renters
Astor Sound is no ordinary apartment complex. It brings together the comforts of suburban living with upscale finishes and modern community spaces.
Unit Features In Astor Sound
The project offers a mix of one-, two-, and three-bedroom apartments ranging from 715 to 1,160 square feet. Each unit includes:
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Chef-inspired kitchens
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Full-size smart washer and dryer
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Oversized walk-in closets
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Luxury plank flooring
These interior upgrades appeal to a broad audience — from young professionals to families — looking for value and comfort.
Resort-Style Community Amenities
Outside the apartments, residents will enjoy:
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A resort-style pool with pavilion and summer kitchen
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Fitness center and yoga studio
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Resident co-working lounge and conference room
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Coffee bar, game room, and outdoor entertainment area
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Dog park and pet spa
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Nature trail around the property
Astor Sound is Designed for the Workforce — Not Just Luxury
While Astor Sound includes high-end features, it’s not positioned as ultra-luxury. Instead, it’s part of the workforce housing movement in Lake Worth Beach. The building is designed to meet the needs of everyday working families, offering quality housing at attainable rental rates.
One detail that caught local observers by surprise: it’s a wood-frame construction. In an area where concrete and steel dominate new builds, wood framing is less common, but more cost-effective. By using wood, developers can keep construction costs down and still meet local building codes.
According to developers, using wood helped make the numbers work while delivering an attractive finished product. As a result, the project is expected to serve the growing demand for workforce rentals in a market where options are limited.
Institutional Capital Believes in Lake Worth Beach
The $57 million bridge loan was arranged by Berkadia, a major name in commercial real estate financing. It’s a two-year loan with a six-month extension, designed to carry the project through to stabilization.
The lender? Infinity Collective, with Catal Capital also participating. These institutional players believe in both Midtown Capital’s track record and the strength of the Lake Worth Beach rental market.
Midtown Capital’s Growing Real Estate Portfolio
Midtown Capital Partners is no stranger to big real estate moves. With over $1 billion in assets under management across the U.S. and Spain, the firm continues to grow its South Florida footprint.
Other recent projects include:
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A 22-story, 348-unit tower in Miami’s Little River, proposed under Florida’s Live Local Act
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Acquisition of a $22 million warehouse near Opa-locka
The firm’s strategy shows confidence in both urban infill and suburban growth corridors — like 10th Avenue North in Lake Worth Beach, where Astor Sound is located.
Lake Worth Beach’s Growing Multifamily Corridor
Astor Sound isn’t alone. Several other multifamily developments are taking shape in Lake Worth Beach, helping meet housing demand and supporting the city’s vision for growth:
Other Projects Nearby:
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Advantis Lake Worth: 230–240 units, targeted for completion in 2024, utilizes the Smart Building Incentive Program (SBIP) for density bonuses. The project is built on annexed land near 10th Avenue North. It received a $28.7 million loan and is still under construction, with Midtown Capital also involved.
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Residences at Lake Worth: A 195-unit workforce housing community scheduled for delivery in 2025. It leverages county funding and density incentives and is located on 2nd Avenue North.
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Lake Worth Station: A 91-unit apartment project (including 39 workforce units), using RRIO (Rental Rehabilitation Incentive Ordinance) and Transit-Oriented Design (TOD) principles for infill development along the rail corridor.
These projects show a unified approach: smart zoning, transit access, and a mix of market-rate and workforce housing. It’s all part of what’s becoming a Lake Worth Beach real estate development zone.
FAQs About Lake Worth Beach Multifamily Development
What is Astor Sound?
A 230-unit apartment community in Lake Worth Beach developed by Midtown Capital.
Who financed the project?
A $57M bridge loan was arranged by Berkadia, with backing from Infinity Collective.
What kind of apartments are offered?
One-, two-, and three-bedroom units ranging from 715 to 1,160 sq ft.
Is this luxury housing?
No, Astor Sound is designed for workforce housing.
A Smart Bet on Lake Worth Beach Real Estate
Lake Worth Beach multifamily development is gaining momentum. With institutional capital flowing in and housing demand rising, developers are seizing the opportunity to deliver new inventory that serves both workers and families.
Interested in learning more about multifamily opportunities in Palm Beach County? Contact The Mastropieri Group Realtors® at (561) 544-7000. Whether you’re buying, investing, or renting, our experienced team can help you navigate the fast-changing South Florida real estate market.
