The Dermot Co., a vertically integrated multifamily investment manager, owner and operator of high-quality communities, in partnership with Dutch pension fund service provider PGGM and TD Asset Management (TDAM), acquired The Quaye at Palm Beach Gardens, a 341-unit townhome and apartment community in Palm Beach Gardens, Fla. Affinius Capital originated the $110 million loan to support the acquisition.
Drew Spitler, CFO, principal and partner at Dermot, stated this was a rare opportunity to acquire an institutionally owned, class A asset in a luxury lifestyle hub within Palm Beach County, Fla.
“Building on a longstanding track record in multifamily investment and management across the Eastern Seaboard, we’ve successfully executed our ownership and management strategy in South Florida over the past several years,” said Spitler. “This acquisition represents a prime chance to expand our footprint with a product we understand deeply, fitting squarely within our strategy of acquiring well-located communities where thoughtful reinvestment can meaningfully elevate the resident experience. With strong fundamentals already in place, we see clear opportunity to enhance the homes and shared spaces through our value-add program at The Quaye in ways that drive long-term value for residents and investors alike. We are grateful to our partners in this transaction for achieving a smooth and successful close.”
“Palm Beach County’s strong fundamentals and sustained growth trajectory made this a compelling opportunity,” said Eric Cohen, co-head of debt originations at Affinius Capital. “The market has demonstrated consistent demand drivers such as population growth, strong employment, and an expanding high-income renter base that support this asset’s long-term performance. The Dermot Company is an established Affinius partner with deep expertise and we look forward to building on our existing relationship with this transaction.”
“We are excited to be partnering on the acquisition of The Quaye at Palm Beach Gardens. This transaction represents a timely addition to our global real estate portfolio,” said Andrew Croll, head of global real estate investments at TD Asset Management. “The investment underscores our conviction in the long‐term growth in the Southeast, and in particular, Palm Beach County’s continued appeal as a highly
desirable submarket.”
Walker & Dunlop’s South Florida Investment Sales team marketed The Quaye at Palm Beach Gardens and procured The Dermot Co. as the buyer. Walker & Dunlop also arranged the financing.
“With unique townhome-style residences offering up to four bedrooms and direct-access garages, The Quaye at Palm Beach Gardens more closely resembles a single-family neighborhood than a traditional apartment community,” said Rachel Teo, vice president, investments at Dermot. “This distinct positioning allows us to serve the needs of a growing, affluent submarket with limited new supply. We plan to implement a comprehensive value-add program, including thoughtfully designed interior and amenity upgrades aligned with evolving renter preferences.”
The Quaye at Palm Beach Gardens holds a Gold-level certification from the National Association of Home Builders based on the National Green Building Standard, a third-party certified, residential building standard that provides a flexible and affordable way to verify green construction practices.
The community offers spacious one-, two-, three- and four- bedroom apartment homes averaging 1,374 square feet, with 72 percent of the unit mix being townhomes with direct access garages. It is situated on a beautifully landscaped 33.9-acre, low-density site featuring multiple lakes and water features. Amenities include gated entry with controlled access, EV charging stations, a modern clubhouse with lounge and entertainment spaces, and a 24-hour fitness center with on-demand classes, boxing ring and yoga studio. Residents can also enjoy an indoor sports court, co-working lounge with conference room, and demonstration kitchen. Outdoor features include a resort-style pool with sun deck, grilling areas, playground, bark park, scenic lakes and walking trails.
The property is located at 10000 South Gardens Drive off Interstate 95 and PGA Boulevard, offering residents access to employment, retail, recreation and entertainment amenities throughout Palm Beach County.
