J.P. Morgan Chase has sold a garden-style apartment building in Wellington, Florida, for US$105.5 million after nearly a quarter of a century of ownership, according to property records. The buyer of the 366-unit Polo Lakes complex at 1950 Polo Lake Boulevard was TA Realty.
The property is located north of the Mall at Wellington Green, adjacent to Route 441, in a town known primarily as a leading equestrian centre. Built in 2000, the 19-hectare property features 27 three-storey buildings, as well as a basketball court and a swimming pool.
The selling price equates to approximately US$288,000 per residential unit. J.P. Morgan Chase had acquired the 530,918 square foot property in 2002 for US$47.4 million. Michelle Herrick is the Head of Commercial Real Estate at J.P. Morgan.
TA Realty's Engagement in South Florida
TA Realty, a company specialising in multi-family and industrial properties, has expanded its presence in South Florida. Last year, the Boston-based firm acquired a 300-unit property in Pembroke Pines for US$118 million, as well as a 476-unit property in Palm Beach Gardens for US$193 million.
In the industrial sector, TA Realty purchased an industrial park near Miami International Airport this year for US$48 million. A spokesperson for J.P. Morgan Chase's asset management division declined to comment, while a representative for TA Realty did not provide an immediate response upon request.
Characteristics of the Sold Property
- —Location: 1950 Polo Lake Boulevard, Wellington, Florida
- —Number of residential units: 366
- —Year of construction: 2000
- —Plot size: 19 hectares
