Related Fund Management has acquired the 292-unit Aura Delray Beach apartment complex in Delray Beach for $116.9 million, according to public records. The purchase price equates to nearly $400,200 per unit. The investment management arm of New York-based Related Companies secured a $59.1 million Freddie Mac loan, which matures in 2035, to finance the acquisition.
Aura Delray Beach, located at 2095 West Atlantic Avenue, consists of six buildings on a 12-acre site and was developed by Dallas-based Trinsic Residential Group. Completed in 2023, the property offers studio and one- to three-bedroom apartments with monthly rents ranging from $2,385 to $4,085, according to Apartments.com.
Trinsic Residential Group received approval from the Delray Beach commission in 2020 to rezone the site for Aura’s development. Brian Tusa leads Trinsic, which is also working with Macken Companies on another multifamily project—Aura North Miami Beach—a planned eight-story building with 373 units and ground-floor commercial space.
Related Companies is led by CEO Jeff Blau and was founded over fifty years ago by Steve Ross. Ross stepped back last year to start Related Ross in West Palm Beach but remains Related Companies’ largest shareholder and nonexecutive chairman.
The sale comes as South Florida’s multifamily market sees renewed activity after a period of slower sales compared to the pandemic boom. Industry observers note that while higher interest rates, insurance costs, and slower population growth have affected demand and rent increases in recent years, some buyers continue turning to agency loans such as those offered by Freddie Mac or Fannie Mae for more favorable terms than traditional bank financing.
Recent notable transactions include Spanish billionaire Amancio Ortega’s Ponte Gadea paying $165 million in cash for the Veneto Las Olas apartment tower in downtown Fort Lauderdale (https://therealdeal.com/miami/2024/06/27/amancio-ortega-pays-165m-for-las-olas-apartment-tower/). Property Reserve—the real estate investment arm for The Church of Jesus Christ of Latter-day Saints—acquired the Del Ola apartment complex in Boca Raton for $152.5 million without recording a loan (https://therealdeal.com/miami/2024/07/01/mormon-church-buys-boca-raton-apartments-for-153m/). Additionally, The Milestone Group purchased Casa Brera at Toscana Isles for $46.4 million this month, assuming an existing Fannie Mae loan (https://therealdeal.com/miami/2024/07/08/milestone-group-pays-46m-for-west-delray-apartments-assumes-loan/).
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