Wellington, Florida, home to the National Polo Center, is known as the Winter Equestrian Capital of the World. While that reputation as a horse hub and its ranking as one of the 50 best places in America to live for families by Fortune are certainly draws for housing providers, Wellington has one for apartment investors: There isn’t very much apartment supply in the town. “We’re largely seeing more housing developments and higher-end options being built in Wellington,” said Drew Spitler, managing director and partner of New York City-based apartment owner The Dermot Co. “With apartment complexes themselves, there is some supply in the area, but it’s not actually in Wellington.”

The Dermot Company paid $144.2 million for a rental property in Wellington, Fla., making it one of South Florida’s largest multifamily sales so far this year. Called Quaye at Wellington, the 30-acre property features five buildings with 350 units at 1090 Quaye Lake Circle, just east of South State Road 7, in the country’s equestrian capital. The 590,128-square-foot complex was completed in 2016.

Two years after splashing into South Florida to buy multifamily properties, Dermot Company added a Wellington apartment complex for $144.2 million. An affiliate of Dermot, a New York-based, multifamily-focused real estate investment firm, acquired The Quaye at Wellington, records and real estate database Vizzda show. The buyer assumed a $60 million State Farm mortgage.

Institutional investors have relied upon multifamily as a cornerstone of their real estate portfolios for decades. With soaring housing prices and prolonged elevated mortgage rates, premier apartment communities present, more then ever, an attractive alternative for a large swath of residents, providing the tasteful finishes and amenities they seek in a home.

The Dermot Co. and PGGM have acquired 20 Exchange Place, a multifamily property in New York City’s Financial District. The partners plan a value-add strategy for the apartment community, which was previously converted from office to residential.