Boston-based TA Realty bought a Wellington apartment complex for $105.5 million, marking the property’s first sale in more than two decades.
An entity registered to TA Realty CFO Scott Dalrymple purchased the 366-unit Polo Lakes apartments from an entity linked to JPMorgan Chase, public records show. The deal worked out to $288,300 per unit.
The apartments, at 1950 Polo Lake Boulevard, include four three-story buildings, 23 two-story buildings and a clubhouse, totaling nearly 531,000 square feet. The complex offers one, two and three-bedroom apartments starting at about $1,880 a month, according to its website.
The 27-acre property including lakes sits next door to the Wellington Regional Medical Center and across the street from the Mall at Wellington Green.
The apartments were completed in 2000. Two years later, the JPMorgan affiliate bought them from Wellington-based Bainbridge Companies for $47.4 million.
A representative of TA Realty, led by managing partners James Buckingham, Michael Haggerty and James Raisides, didn’t immediately respond to a request for comment. The company manages about $19 billion in assets, according to its website.
This isn’t the company’s first Palm Beach County acquisition. Last year, it re-purchased a 476-unit apartment complex at 100 Portofino Drive in Palm Beach Gardens for $193 million.
The company recently dropped a combined $250 million on two other apartment complexes on the West Coast. It paid $147.5 million for 315 units in Anaheim, plus another $102 million for a 204-unit Seattle-area apartment.
A handful of high-profile developments are coming to Wellington, a town on the western side of the county known as the winter equestrian capital of the world.
Billionaire Steve Ross and his company Related Ross are planning a 71-acre mixed-use district off U.S. 441. Plans for the development, known as Village Landing, include a 180-key hotel and over 300,000 total square feet of retail, office and restaurant space, plus a nearby private school.
Developer Joe Farrell is also putting up a single-family neighborhood in Wellington known as Farrell Estates. And in the town’s equestrian center, Wellington Lifestyle Partners led by Douglas McMahon recently launched sales for a massive luxury residential development known as The Wellington.
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