Dermot-Led Team Picks Up Palm Beach Gardens Rental Community for $131.8M
The Dermot Company, in partnership with PGGM and TD Asset Management (TDAM), acquired The Quaye at Palm Beach Gardens, a 341-unit townhome and apartment community in Palm Beach Gardens, for $131.8 million. Affinius Capital originated a $110 million loan to support the acquisition. PGIM Real Estate was the seller of the property located at 10000 South Gardens Drive.
Walker & Dunlop’s South Florida Investment Sales team, led by Still Hunter, marketed The Quaye at Palm Beach Gardens and procured The Dermot Company as the buyer. Aaron Appel, Dustin Stolly, and Michael Ianno of Walker & Dunlop arranged the financing.
The community offers one-, two-, three-, and four-bedroom apartment homes averaging 1,374 square feet with rents ranging from $2,661 to $4,238. Amenities include a modern clubhouse with lounge and entertainment spaces, and a 24-hour fitness center. Other amenities include an indoor sports court, coworking lounge with conference room, and demonstration kitchen. Outdoor features include a pool with sun deck, grilling areas, playground, bark park, scenic lakes, and walking trails.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout