The Quaye at Wellington, a 350-unit multifamily community located in Wellington, Florida, has been spun off by Stockbridge Capital. The project was acquired by The Dermot Co. for $144.2 million, equating to more than $400,000 per unit. This marks an increase from its previous sale price of $120 million in 2018.
According to Commercial Edge reports, Dermot took on the remaining balance of a $60 million loan from State Farm that is set to mature in 2028.
The community comprises of 33 buildings spread across two and three stories and offers a mix of one-bedroom apartments (104 units) and two- to four-bedroom townhouses (246 units), each equipped with individual garages and EV charging stations. Residents can also enjoy shared amenities such as a swimming pool, outdoor summer kitchen area, basketball court,
24-hour fitness center,
outdoor dog spa,
indoor pet spa
and an on-site mini-market.
Additionally,the property boasts ample parking with over 650 grade-level spaces available.
Built in 2017,the Quaye at Wellington is situated at1090 Quaye Lake Circle just eastof U.S.Route441.Its location provides easy access to Banyan Golf Club as well as the adjacent Banyan Estate Tennis Court.
Overall,this rental asset presents strong investment potential with its desirable location,and attractive amenities making it highly appealing for tenants seeking luxury living optionsinthe thriving cityofWellington.Furthermore,itssalepriceexceeding$400Kperunitdemonstratesits valueasapremiummultifamilypropertyinthismarketsegment.This transaction highlights the continued demand for high-end rental properties,and reinforces the strengthofthecurrentrealestate marketinFlorida’swell-regardedWellingtonarea.
