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EW Capital Management has acquired a 424-unit senior living rental complex in Wellington for $100.1 million, marking the first major commercial real estate deal in South Florida this year. The firm purchased Wellington Bay at 2590 Wellington Bay Drive from Ares Management, which completed the community on a 36.1-acre site in 2022.

    The property consists of six-story and four-story buildings, as well as three-story structures and one-story villas, with amenities including pickleball courts and a clubhouse. The site has development potential for an additional 38-unit building and a wellness clinic.

    AEW assumed the seller's $81.7 million loan on the property from Capital One. Ares Management is a frequent player in South Florida real estate, having recently acquired several properties in the region, including the Midway Miami Park industrial campus and the Ceru apartment building.

    Ares' sale of Wellington Bay comes as it increases its investment in South Florida. The firm has also provided financing for other local projects, such as the refinancing of Steve Ross' CityPlace mixed-use complex in downtown West Palm Beach.