A Tampa developer has sold off a newly built, garden-style apartment community in South Florida for a price-per-unit that’s among the highest in Florida for that property sector.
HG Management said the Quaye at Wellington, a 340-unit complex that it built in 2017, sold for $120 million or $342,857 per unit to Stockbridge Capital Group.
The developer sold another garden-style community, the 340-unit Quaye at Palm Beach Gardens, in 2017 for more than $347,000 per unit.
For comparison, the pricing on those garden-style apartments in South Florida rivals record pricing set by high-rise units in the Tampa Bay region. AER Luxury Apartments sold for more than $354,000 per unit in early 2018, smashing the region’s previous record of $303,000 per apartment.
HG, which also develops hotels, emphasizes energy efficiencies in its properties.
“Investment into this level of energy efficiency pays off significantly,” Jeff Meehan, HG general partner said in a statement. “It makes the property more attractive for residents and for financial partners in the long term.”
Walker & Dunlop Investment Sales represented HG in the sale of the Quaye at Wellington.
“HG Management continues to raise the bar as it relates to delivering the highest quality product in South Florida. The Quaye represents one of the finest multifamily garden communities delivered to date,” Walker & Dunlop Senior Vice President Chris Conklin said in a statement.