Stockbridge Snags $120M FL Community

Stockbridge Capital Group has acquired The Quaye at Wellington, a luxury garden-style community in Wellington, Fla. The firm purchased the 350-unit apartment and townhome property from HG Management for $120 million, making it one of the highest per-unit sales for a garden-style community in Florida. This sale outranks the company’s $118 million sale of Quaye at Palm Beach Gardens, a 340-unit community that was purchased by PGIM Real Estate last July.

“These apartments were a perfect fit for the surrounding Wellington Village neighborhood,” said Charles Funk, general partner at HG Management. “We combine green features with well-designed floorplan choices and upscale amenities you typically only find in single-family luxury homes.”

Luxury Living at Quaye

Situated on 32 acres at 9840 Quaye Side Drive, The Quaye at Wellington offers one-, two-, three- and four-bedroom floorplans ranging from 888 to 2,156 square feet across 33 two- and three-story buildings. Constructed in 2017, the community has a current occupancy of 82 percent as of March 2018, according to Yardi Matrix. Apartment features include direct-access garages, washer/dryers, high ceilings and private balcony/patios. The community offers residents access to amenities such as:

• four lakes
• nature preserve with walking path
• dog park
• park with agility equipment
• lake-front exercise trail
• playground
• heated pool
• basketball court
• business center
• media room
• state-of-the-art 10,538-square-foot clubhouse
• demonstration kitchen
• game room
• 2,911-square-foot fitness center
• yoga/spin room
• boxing ring
• multi-sport simulator
• indoor sports court
• outdoor summer kitchen
• electric charging stations
• 650 parking spaces

Walker & Dunlop Investment Sales represented HG Management in the sale. The team has closed three HG property dispositions totaling more than $350 million in South Florida.

Images courtesy of HG Management