$63M Buys 400-Unit Luxury Complex

WELLINGTON, FL-The Estates at Wellington Green, a 400-unit, upscale apartment community in this village, has been sold for more than $63.1 million. Boston-based AEW Capital Management paid a premium $157,813 per unit to Bainbridge Wellington Green LP for the property–which received its final certificate of occupancy last year.Bainbridge Communities developed the Estates at Wellington Green located at 2301 Wellington Green Dr., next door to the Mall at Wellington Green in western Palm Beach County. The property consists of 27 buildings with concrete block construction. More than half of the units are the two-story “big house” design, and the rest are garden apartments in three-story buildings.”I think what’s really interesting about this sale is the per-unit pricing–it’s one of the highest in South Florida for a garden apartment community,” says Avery Klann, vice president of the Florida office of Apartment Realty Advisors, who, along with company principal Marc deBaptiste, represented Bainbridge Wellington Green LP in the transaction.The project commanded such a high per-unit price, Klann says, “because Wellington is a very strong community. There’s a lack of land available for development in Wellington.” In addition, “It’s a very, very high-end community,” he says.”With Wellington close to becoming 100% built out and no multifamily sites available for development in Wellington, the Estates at Wellington Green is positioned to benefit from the explosive growth in the western suburbs,” Klann adds in a statement.Despite the popularity of converting apartment communities into condominiums in South Florida, Klann says the income buyer will not convert this project, “although there was some interest from condo converters when they looked at the property.”Amenities at the property include a pool, two tennis courts, a billiards lounge, a wine cellar, a business center, a volleyball court and walking paths. The gated-entry property has lake views. The units range from 808 sf to 1,669 sf and have base rents from $865 to $2,200 per month. Unit features include crown molding, 9-foot ceilings, storage areas, high-speed Internet access and full-size microwaves. The property has 86 one-car and 76 two-car direct-access garages.