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J.P. Morgan sells 366-unit Polo Lakes apartments for $105.4M
The 27-building complex was owned for 24 years, and the deal more than doubled J.P. Morgan Asset Management’s investment.
Bisnow reports that J.P. Morgan Asset Management sold the Polo Lakes apartment complex in Wellington, Florida, a 366-unit property on 27 acres it had owned for 24 years.
According to property records cited by the outlet, a fund controlled by J.P. Morgan Asset Management sold the 27-building complex to an affiliate of TA Realty for $105.4 million. The asset was acquired in 2002 for $47.4 million from The Bainbridge Cos., which developed it in 2000, meaning J.P. Morgan’s investment more than doubled.
The deal was described as “extremely competitive,” with TA Realty beating out 21 bidders, with Walker & Dunlop managing director Still Hunter credited for helping broker the transaction. Hunter also said TA was drawn by the property’s Wellington location and community attributes that would be difficult to replicate today.
The complex includes four three-story buildings and 23 two-story buildings, with average unit sizes of about 1,300 square feet and low density of roughly 14 units per acre. Bisnow adds that rents at the property range from $1,974 to $5,341, and the sale comes as South Florida multifamily activity rises amid high construction and flat rents, per the outlet.