Dermot Company Pays $144M for Major South Florida Multifamily Complex
By Julia Echikson October 1, 2024 8:06 pm
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The Dermot Company paid $144.2 million for a rental property in Wellington, Fla., making it one of South Florida’s largest multifamily sales so far this year.
Called Quaye at Wellington, the 30-acre property features five buildings with 350 units at 1090 Quaye Lake Circle, just east of South State Road 7, in the country’s equestrian capital. The 590,128-square-foot complex was completed in 2016.
The seller, Stockbridge Capital Group, purchased the property for $120 million two years after its completion, according to property records.
The recent sale price comes to about $412,000 per apartment. The New York-based buyer assumed the sellers’ loan from State Farm Life Insurance Company, which originated in 2015 and has a $60 million balance.
The sale just tops Ares Management’s $140 million purchase of a 284-unit rental property in Boca Raton in May, which had been the region’s biggest multifamily deal so far this year. But these trades are a far cry from the multifamily craze during the height of the pandemic, when Hines and Harbor Group International paid over $400 million each for two separate properties.
Since 2021, Dermot Company has been making inroads in South Florida, according to the company, starting with the $143 million acquisition of a 456-unit complex in Boynton Beach and the $160 million purchase of another, 454-unit property in Doral. In all, the company owns four rental properties in the Sunshine State, according to a representative for Stockbridge Capital Group.
Correction: Stockbridge owns four, not five rental properties in Florida, as originally reported.
Julia Echikson can be reached at jechikson@commercialobserver.com.
