The Quaye at Wellington apartment complex has a new owner, and it’s made quite a splash in the real estate market! A New York-based company, the Dermont Co., purchased the 350-unit property for a staggering $144.22 million from Quaye at Wellington Inc., an affiliate of San Francisco’s Stockbridge Capital Group.
The Details of the Deal
The purchase included the buyer assuming a $60 million mortgage with State Farm Life Insurance Co. from the seller, with the price per unit working out to around $412,057. As part of the deal, there’s also a covenant agreement stating that the buyer cannot convert the apartments into condos until April 7, 2027. This keeps the property strictly in the rental market for now.
This isn’t the first time the Quaye at Wellington has seen a major transaction. It was last sold for $120 million in 2018, meaning it has appreciated significantly in just a few years, thanks to the rising rent market in Palm Beach County.
About the Quaye at Wellington
Built in 2016, the Quaye at Wellington sits on a 30.7-acre site and totals 590,128 square feet. It offers tenants an impressive range of amenities, including: