PGIM Sells South Florida Asset for $132M

The Dermot Co. has purchased The Quaye at Palm Beach Gardens, a 340-unit community in Palm Beach Gardens, Fla. PGIM Real Estate sold the asset for $131.8 million, about $386,510 per unit, according to Yardi Matrix information.

Affinius Capital originated a $110 million loan to finance the acquisition. Walker & Dunlop arranged the deal.

Located at 10000 S. Gardens Drive close to Interstate 95, the community is about 2 miles from central Palm Beach Gardens. Downtown Boca Raton, Fla., is within 37 miles south, while downtown Miami is 81 miles away.

Completed in 2016, The Quaye mostly comprises townhomes with direct-access garages. The property encompasses 30 two- and three-story buildings across 31 acres, with one- to four-bedroom floorplans, ranging from 888 to 2,090 square feet. Apartment features include screened patios or balconies and walk-in closets.

Common-area amenities comprise a fitness center, playground, basketball court, swimming pool with cabanas, clubhouse and business center. The property also has an indoor sports court, a coworking lounge, a library and a yoga studio, along with EV charging stations and 798 parking spaces.

Walker & Dunlop Senior Managing Directors Aaron Appel and Dustin Stolly, along with Senior Director Michael Ianno arranged the financing.

Miami’s growing multifamily sales

Metro Miami had more than $3.6 billion in multifamily transaction activity in 2025, according to Yardi Matrix data. This marked a considerable increase from the $2.4 billion registered the previous year, when 53 assets totaling 12,209 units changed hands.

Last year, 56 communities encompassing 13,923 apartments traded. Among them is Advenir at Lighthouse Point, a 249-unit luxury community in Pompano Beach, Fla. Bell Partners sold the asset for $60.9 million.

Other notable deal in the metro in 2025 was the $90 million sale of ARIUM Sunrise, a 400-unit property in Sunrise, Fla. FCP made the purchase with partners BMC Investments and The RMR Group.