Cathy Marcus Of PGIM Real Estate Purchases The Quaye At Palm Beach Gardens For $131.8M

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.