Stockbridge Capital pays $120M for Wellington apartments

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

Quaye at Wellington
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.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

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.