350-Unit Apartment Community in Palm Beach County Acquired for $144 Million

Aerial shot of the Quaye on the rightPhoto byUnsplash and Google Earth Pro

The Dermot Co., a New York-based real estate investment firm, has purchased The Quaye, a 350-unit luxury apartment community in Palm Beach County, for $144 million, according to a report from Multihousing News. The property, located at 1090 Quaye Lake Cir, Wellington, FL 33411, was built in 2017 and consists of 33 buildings with a mix of 104 one-bedroom apartments and 246 two- to four-bedroom townhouses, the report stated.

This acquisition adds nearly 20% to Dermot's Florida portfolio, which includes 1,800 other apartment units. The Quaye is already listed on Dermot’s website, with units ranging from one-bedroom apartments at 888 square feet, starting at $2,245 per month, to four-bedroom, 3.5-bath, 2156 square foot townhomes leasing for $4,245.

Residential Lifestyle Program Rolling Out

As part of the acquisition, Dermot is implementing its "Dermot Ignite" lifestyle program, which offers residents services, events, and networking opportunities. Described as “an innovative residential lifestyle program” on Dermot's website, it aims to manage essential services and curate exclusive property-wide events and perks for residents across all Dermot-managed properties.