PGIM Real Estate has successfully sold The Quaye at Palm Beach Gardens, a significant multifamily asset in South Florida, for $131.8 million. The transaction marks a notable deal in the region’s active real estate market, with The Dermot Co. emerging as the buyer of the 340-unit community.
Key Takeaways
- PGIM Real Estate sold The Quaye at Palm Beach Gardens for $131.8 million.
- The buyer is The Dermot Co., acquiring a 340-unit multifamily community.
- Affinius Capital provided $110 million in financing for the acquisition.
- Walker & Dunlop facilitated the transaction and arranged the financing.
Property Details and Location
The Quaye at Palm Beach Gardens, located at 10000 S. Gardens Drive, is a modern apartment community completed in 2016. It features 30 two- and three-story buildings spread across 31 acres. The property primarily consists of townhome-style units with direct-access garages, offering one- to four-bedroom floorplans ranging from 888 to 2,090 square feet. Unit amenities include screened patios or balconies and walk-in closets.
The community boasts a comprehensive suite of common-area amenities designed to enhance resident living. These include a fitness center, playground, basketball court, swimming pool with cabanas, a clubhouse, and a business center. Additionally, residents can enjoy an indoor sports court, a coworking lounge, a library, a yoga studio, EV charging stations, and ample parking with 798 spaces.
Strategic Location and Market Context
Strategically positioned near Interstate 95, The Quaye is approximately 2 miles from the heart of Palm Beach Gardens. Its location offers convenient access to major South Florida hubs, with downtown Boca Raton situated 37 miles to the south and downtown Miami 81 miles away. This accessibility is a key factor in the desirability of multifamily assets in the region.
The sale occurs amidst a robust multifamily market in the Miami metro area. Yardi Matrix data indicates that the metro saw over $3.6 billion in multifamily transaction activity in 2025, a significant increase from the $2.4 billion recorded the previous year. This upward trend highlights strong investor confidence and sustained demand for residential properties in South Florida.