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JPMorgan sells Wellington, Florida multifamily for $105.5 million
The 366-unit Polo Lakes community, built in 2000, sold for about $288,000 per apartment, according to property records.
J.P. Morgan Chase has sold a garden-style multifamily property in Wellington, Florida, for $105.5 million after holding it for nearly a quarter century, Commercial Observer reported, citing property records.
The buyer, TA Realty, purchased the Polo Lakes community at 1950 Polo Lake Boulevard. The 19-acre site has 366 units across 27 three-story buildings, plus amenities including a basketball court and a pool, and the transaction works out to roughly $288,000 per apartment.
Commercial Observer also reported that J.P. Morgan Chase acquired the 530,918-square-foot property for $47.4 million in 2002. A spokesperson for the bank’s asset management division declined to comment, while TA Realty did not immediately respond to requests for comment.