The Dermot Company, together with institutional partners PGGM and TD Asset Management (TDAM), has acquired The Quaye at Palm Beach Gardens, a rental community in Palm Beach Gardens, for $131.8 million. The purchase gives the partnership control of a 341-unit townhome and apartment property located at 10000 South Gardens Drive.
Affinius Capital originated a $110 million loan in connection with the transaction, providing debt capital to support the acquisition. PGIM Real Estate sold the asset to the Dermot-led partnership, marking a trade of a sizable rental community in the Palm Beach Gardens market.
Walker & Dunlop’s South Florida Investment Sales team handled the marketing for The Quaye at Palm Beach Gardens. The team, led by Still Hunter, was responsible for bringing the property to market and securing The Dermot Company as the buyer. In addition to the sales assignment, Walker & Dunlop professionals Aaron Appel, Dustin Stolly, and Michael Ianno structured the acquisition financing.
The Quaye at Palm Beach Gardens comprises a mix of one-, two-, three-, and four-bedroom residences offered as both townhomes and apartments. Across the community, the apartment homes average 1,374 square feet. Reported monthly rents at the property range from $2,661 on the lower end to $4,238 at the upper end, reflecting the larger unit sizes and amenity set.
Residents have access to a modern clubhouse that provides lounge and entertainment spaces designed for socializing and resident events. The property also includes a 24-hour fitness center, supporting around-the-clock use by residents with varying schedules.
Indoor common-area features extend beyond traditional fitness and lounge spaces. The community offers an indoor sports court, along with a coworking lounge that includes a conference room to serve residents who work remotely or need flexible meeting space. A demonstration kitchen is also available on site, adding another programmed amenity for residents.
Outdoor amenities at The Quaye at Palm Beach Gardens include a pool with an adjoining sun deck, multiple grilling areas, and a playground. For residents with pets, the property provides a dedicated bark park. The community is further enhanced by scenic lakes and walking trails that run throughout the grounds, offering additional recreational options and open-space access for residents.
The transaction underscores ongoing activity in the Palm Beach Gardens rental housing market, with institutional investors and lenders participating in a sizable multifamily acquisition supported by a substantial senior loan.
