350-unit Wellington apartment project sells for $120 million

A 350-unit apartment and townhome community in Wellington has been sold for $120 million, its management company said Friday.

The Quaye at Wellington was completed in spring of 2017. The transaction took place May 9. The rental community has an average occupancy rate of more than 90 percent, a spokesman said.

HG Management, LLC sold the property to Stockbridge Capital Group. HG Management last sold the 340-unit Quaye at Palm Beach Gardens apartment complex for $118 million in July.

Located on 32 acres, The Quaye apartments range from one-bedroom garden apartments to two-, three- and four-bedroom town homes with direct-access garages featuring electric car charging outlets. The property has four lakes, a nature preserve with walking paths, a dog park, a playground, heated pool and clubhouse with a kitchen, game room and fitness center.

“These apartments were a perfect fit for the surrounding Wellington Village neighborhood,” said HG Management General Partner Charles B. Funk in a statement. “We combine green features with well-designed floorplan choices and upscale amenities you typically only find in single-family luxury homes.”

HG Management has built other communities including Cypress Pointe, a 334-residence community in Coral Springs; and Seaborne Cove, a 456-unit community in Boynton Beach.