The Dermot Co. has bought The Quaye at Wellington, a 350-unit luxury community in Wellington, Florida. This acquisition further expands the company’s portfolio in the Sunshine State, where it already owns and manages 1,800 units.
Stockbridge Capital Group sold the Class A asset for $144.2 million. In addition, the buyer assumed the outstanding balance of a $60 million loan from State Farm, due to mature in 2028.
Shared amenities include a resort-style swimming pool, outdoor summer kitchen, basketball court, outdoor dog spa, indoor pet spa, and an on-site 24-hour community mini-market. Additionally, the property has 650 grade-level parking spaces. The on-site 24-hour fitness center includes dedicated spinning and yoga spaces, a multi-sport simulator, and a virtual fitness studio.
The buyer plans to bring its signature-initiative Dermot Ignite to The Quaye at Wellington, a program offering curated events and networking opportunities. Additional renovation plans include updating the signage and branding at the property and add to the amenity spaces, including installing health club-quality machines in the fitness center.
The 2017-built Quaye at Wellington is at 1090 Quaye Lake Circle, just east of U.S. Route 441 and close to Banyan Golf Club and its adjacent Banyan Estate Tennis Court. Downtown Wellington is some 6 miles away.
The Florida acquisition follows Dermot’s recent purchase of 20 Exchange Place in Lower Manhattan. The 767-unit, 57-story luxury property had been converted from an office building into a residential one prior to its August sale.
The Dermot Company, Inc. is a fully-integrated real estate enterprise with over 30 years of experience and $4 billion+ assets under management and development. As a diversified firm, we develop, invest in, and manage multi-family buildings in New York City and nationally, including multiple luxury high-rise residences and hospitality properties under development.
