Luxury FL Community Sells for $118M

Walker & Dunlop closed an investment sale for The Quaye at Palm Beach Gardens, a Class AA apartment community in Palm Beach Gardens, Fla. Greg Engler, Chris Conklin and Roberto Pesant of Walker & Dunlop’s Investment Sales team represented HG Management in the sale of the community in July 2017. According to Yardi Matrix, the community sold to PGIM Real Estate for $118 million.

Constructed in 2016, the community won the South Florida Business Journal’s ‘Best Green Project of the Year’ as well as ‘Best Amenities’ in the 2016 Southeast Florida Circle of Winners contest. It was also designed and built to meet the National Association of Home Builders’ Gold Standard for a green project.

“Our client continues to raise the bar as it relates to delivering the highest quality product in South Florida,” said Conklin. “Located in a “Super Zip” surrounded by multi-million-dollar homes, The Quaye represents one of the finest multifamily garden communities delivered to date. The overwhelming market acceptance, combined with the extremely high barriers for new multifamily developments will prove to be a generational asset in one of the most coveted zip codes in the country.”

Quality at Quaye

Located at 1031 Victoria Falls Blvd., the 340-unit Quaye features one-, two-, three- and four-bedroom floorplans ranging from 888 to 2,090 square feet across 30 two- and three-story buildings. Interior features include vaulted ceilings, washer/dryers and private balcony/patios.

Residents have access to amenities such as:

• boxing exercise ring
• business center
• 11,000-square-foot clubhouse
• conference room
• on-demand fitness classes
• racquetball court and sports court
• swimming pool
• coffee and juice bar
• demonstration kitchen
• multi-purpose game simulator
• 24-hour fitness center
• 3,000-square-foot dog park
• gazebo with gas grills
• outside storage
• kid’s park and pool
• walking path through the Upland Preserve
• waterscape
• 682 parking spaces

The 34-acre Quaye at Palm Beach Gardens is located minutes from Interstate 95 and the Florida Turnpike. Residents have easy access to major job hubs, education facilities, shopping centers, and green space in the area. Examples of this include Whole Foods, The Gardens Mall, Palm Beach Outlets, Abacoa Town Center, public parks, golf resorts and spas.

Most recently, Walker & Dunlop secured $86 million in financing for a five-asset, 1,208-unit multifamily portfolio also in Florida, with communities located in Kissimmee and Oakland Park.

Images courtesy of The Quaye at Palm Beach Gardens