Two years after splashing into South Florida to buy multifamily properties, Dermot Company added a Wellington apartment complex for $144.2 million.
An affiliate of Dermot, a New York-based, multifamily-focused real estate investment firm, acquired The Quayle at Lake Circle, records and real estate database Vizzda show. The buyer assumed a $60 million State Farm mortgage.
Completed in 2016, the garden-style community consists of 33 two-story buildings with a total of 350 units. The deal breaks down to $412,000 per apartment.
The seller, an affiliate of Atlanta-based Stockbridge Capital, paid $120 million for the 30.6-acre project in 2018, records show.
The Quaye at Wellington offers a mix of two-, three- and four-bedroom apartments with average monthly asking rents between $2,195 and $4,245, according to Apartments.com.
Led by CEO Stephen Benjamin, Dermot entered the South Florida market in February 2021, acquiring a two-building complex with a combined 456 apartments in Boynton Beach. The firm paid $143 million for the project, or roughly $314,000 per unit.
Nearly 10 months later, Dermot picked up Cordoba, another two-building complex in Doral for $160 million. The deal broke down to $352,422 for the 454-unit multifamily project near the master-planned mixed-use community Downtown Doral.
Dermot owns 17 multifamily buildings in New York and five apartment properties in Florida, according to the firm’s website. In August, Dermot paid $370 million for a 57-story skyscraper with 767 apartments in Manhattan.
Dermot is among a handful of institutional players doing deals, as the South Florida multifamily market has experienced a slowdown in investment sales. This month, Purchase, New York-based Maxx Properties paid $46.6 million for a 145-unit apartment complex in Wilton Manors. Maxx bought ANKR Wilton Manors, a community of 11 three-story buildings and a clubhouse.
Aventura-based Cardone Capital, led by social media influencer and financial advice guru Grant Cardone, scooped up three multifamily projects in Broward County in recent months. Cardone Capital paid roughly $300 million for two complexes with a combined 764 apartments in Fort Lauderdale’s Flagler Village, and a third property, a garden-style community with 468 units, in Plantation.