Dermot Pays $144M for West Palm Beach Property

The Dermot Co. has bought The Quaye at Wellington, a 350-unit luxury community in Wellington, Fla. 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, according to Yardi Matrix information. In addition, the buyer assumed the outstanding balance of a $60 million loan from State Farm, due to mature in 2028.

The community consists of 33 two- and three-story buildings comprising 104 one-bedroom apartments and 246 two- to four-bedroom townhouses with individual garages and EV charging stations. Shared amenities include a swimming pool, outdoor summer kitchen, basketball court, 24-hour fitness center, outdoor dog spa, indoor pet spa and on-site community mini-market. Additionally, the property has 650 grade-level parking spaces. 

The buyer plans to bring its signature-initiative Dermot Ignite to The Quaye at Wellington, a program offering curated events and networking opportunities.  

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.