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The Dermot Co. grabs unique opportunity in Florida
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.”
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Multifamily Dive
October 2, 2024
October 2024
Dermot is back in South Florida, scoops up 350-unit Wellington apartment project for $144M
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.
October 2024
Dermot Company Pays $144M for Major South Florida Multifamily Complex
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.
August 2024
Achieving multifamily investment success in a changing market
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.
August 2024
Dermot Co., PGGM Acquire Lower Manhattan Tower
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.
August 2024
August 2024
The Landon was selected as a Merit winner in ARCHITECT's 2024 Architecture & Interiors Awards, Interiors
“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.