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Wellington Rental Asset Trades for Over $400K/Unit
Stockbridge Capital has spun off The Quaye at Wellington, a 350-unit multifamily community in Wellington, Florida. The Dermot Co. paid $144.2 million for the project, amounting to over $400,000 a unit. The property last sold for $120 million in 2018.
Commercial Edge reports that Dermot assumed the outstanding balance of a $60 million loan from State Farm, which is due to mature in 2028.
The community consists of 33 two- and three-story buildings, comprising 104 one-bedroom apartments and 246 two- to four-bedroom townhouses with individual garages and EV charging stations. Shared amenities include a swimming pool, outdoor summer kitchen, basketball court, 24-hour fitness center, outdoor dog spa, indoor pet spa and on-site community mini-market. Additionally, the property has 650 grade-level parking spaces.
The 2017-built Quaye at Wellington is at 1090 Quaye Lake Circle, just east of U.S. Route 441. It is close to Banyan Golf Club and its adjacent to Banyan Estate Tennis Court.
- ◦Sale/Acquisition
