Stockbridge Capital pays $120M for Wellington apartments

Tampa developer sold the 350-unit complex for $343k per unit

TRD MIAMI /
May.May 11, 2018 11:35 AM

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.


Related Articles

arrow_forward_ios
Neil Hirsch and Coach House (Getty)

Saddle up: Sales launch at Wellington luxury condo development aimed at polo players

Saddle up: Sales launch at Wellington luxury condo development aimed at polo players
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail

Altman scores $55M construction loan for Ludlam Trail project

Altman scores $55M construction loan for Ludlam Trail project
Joseph Swedroe (Corcoran, iStock)

Corcoran agent in Miami loses job over “racist and fear-based” marketing

Corcoran agent in Miami loses job over “racist and fear-based” marketing
Vanessa Grout with Vladislav Doronin

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm
Rendering of the project with Jon Paul Pérez (top) and Jorge Pérez 

Related switches gears on Terminal Island project, now plans low-rise offices

Related switches gears on Terminal Island project, now plans low-rise offices
Edgardo Defortuna and a rendering of La Playa de Varadero

Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end

Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end
Richard Branson (Credit: Virgin, Cindy Ord/Getty Images)

Virgin Trains seeks $350M to build five stations in Miami-Dade

Virgin Trains seeks $350M to build five stations in Miami-Dade
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...