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.

“It had a consistency between the spaces, that kind of through line. And I liked the stairway—a little moment of whimsy in the project.” –Juror John Frane The Landon is a 340-unit residential building situated on West 43rd Street. Over two decades old, the site required extensive renovations to stay competitive with nearby developments and capitalize on its proximity to Hudson Yards.

The Dermot Co. has partnered with Dutch pension fund service provider PGGM to acquire a luxury apartment building in the heart of New York City’s Financial District.