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Cathy Marcus Of PGIM Real Estate Purchases The Quaye At Palm Beach Gardens For $131.8M
SOLD
$131,800,000
Florida
See Similar DealsMultiFamily
Sold 02/26/2026
SOLD
Cathy Marcus Of PGIM Real Estate Purchases The Quaye At Palm Beach Gardens For $131.8M
10000 S Gardens Dr
See Similar DealsMultiFamily
Sold 02/26/2026
Summary
FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale
The asset involved in this transaction is a multifamily property located at 10000 South Gardens Drive in Palm Beach Gardens, which comprises 340 units. The sale price for the property was $131,800,000, equating to approximately $387,647 per unit.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $131,800,000
- Buyer: Cathy Marcus - PGIM Real Estate
- Seller: Stephen D. Benjamin - Dermot Company
- Units: 340
- Price Per Unit: $387,647
This transaction marks a significant financial movement, with PGIM Real Estate achieving an 11.4% gain from its original purchase in 2017. Dermot Company has assumed a $110 million loan from Affinius Capital, having increased the original loan amount of $59.4 million.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$7,029,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$468,257.57
Cash-on-Cash Return-1.27%
Monthly Debt Service$624,799.24
Annual Debt Service$7,497,590.89
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