Dermot is back in South Florida, scoops up 350-unit Wellington apartment project for $144M

New York-based multifamily-focused firm added to its local portfolio that includes two rental communities in Doral and Boynton Beach

Dermot Pays $144M For Wellington Multifamily Project
Dermot Company’s Stephen Benjamin and The Quaye at Wellington at 1090 Quaye Lake Circle in Wellington (Google Maps, Dermot Company)

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.

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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 19 multifamily buildings in New York and four 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. 

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