The Real Deal Miami

Stockbridge Capital pays $120M for Wellington apartments

Tampa developer sold the 350-unit complex for $343k per unit
By Katherine Kallergis | May 11, 2018 11:35AM

Quaye at Wellington

HG Management sold a recently completed luxury rental complex in Wellington to Stockbridge Capital Group for $120 million, or about $343,000 per apartment, property records show.

The Tampa apartment developer sold the Quaye at Wellington, a 32-acre, 350-unit apartment and townhouse complex at 9840 Quaye Side Drive. It’s 90 percent leased, according to a press release.

Walker & Dunlop represented the seller. Stockbridge assumed the $53 million mortgage, according to property records. State Farm is the lender.

The green-oriented property features 33 three-story, garden-style buildings, four lakes, a nature preserve, dog park, heated pool, 10,500-square-foot clubhouse with a kitchen, game room, gym and outdoor summer kitchen. The townhouses include garages with electric car charging outlets.

HG secured a $53 million construction loan for the project in 2015 and completed it about a year ago.

The developer also sold the Quaye at Palm Beach Gardens in July for $118 million, or about $347,000 per apartment.

Last month, San Francisco-based Stockbridge paid $40 million for a shopping center in Miramar. The investment management firm has about $11.3 billion of assets under management, according to its website.