J.P. Morgan Chase Sells Wellington Multifamily Property for $105.5 Million

J.P. Morgan Chase recently completed the sale of a 366-unit garden-style multifamily property in Wellington, Florida, for $105.5 million. The buyer, TA Realty, acquired the Polo Lakes community, located at 1950 Polo Lake Boulevard, which is situated just north of the Mall at Wellington Green and adjacent to Route 441.

Built in 2000, the 19-acre property comprises 27 three-story buildings and includes amenities such as a basketball court and a pool. The sale price translates to approximately $288,000 per apartment. J.P. Morgan Chase had originally purchased the 530,918-square-foot asset for $47.4 million in 2002.

Boston-based TA Realty, a firm specializing in multifamily and industrial assets, has been actively expanding its presence in South Florida. Last year, the company acquired a 300-unit property in Pembroke Pines for $118 million and a 476-unit asset in Palm Beach Gardens for $193 million. This year, TA Realty also purchased an industrial park near Miami International Airport for $48 million, underscoring continued investor interest in the region's real estate market.