D
ermot Company has expanded its South Florida multifamily portfolio by acquiring The Quayle at Lake Circle in Wellington for $144.2 million. An affiliate of the New York-based firm purchased the 350-unit apartment complex from an Atlanta-based Stockbridge Capital affiliate that had bought it two years prior for $120 million. Dermot assumed a $60 million State Farm mortgage as part of the deal, which works out to $412,000 per unit.

    The Quayle at Wellington features a mix of two-, three- and four-bedroom apartments with average monthly rents ranging from $2,195 to $4,245. The property consists of 33 two-story buildings on 30.6 acres and was completed in 2016.

    This acquisition marks Dermot's third multifamily deal in South Florida since entering the market in February 2021. In addition to Wellington, the firm owns properties in Boynton Beach and Doral. Dermot also has a significant presence in New York, with 17 multifamily buildings and a recent $370 million purchase of a Manhattan skyscraper.

    The South Florida multifamily market has seen a slowdown in investment sales, but institutional players like Dermot are still active. Other notable deals include Maxx Properties' acquisition of an apartment complex in Wilton Manors for $46.6 million and Cardone Capital's purchases of three Broward County properties totaling around $300 million.