Shidler surrenders rentals, Dermot drops $132M on apartments
A pair of apartment complexes in Palm Beach County traded hands, with one seller scoring a gain on the price and the other surrendering the property to avoid foreclosure. Newark, New Jersey-based PGIM Real Estate sold the 340-unit The Quaye at Palm Beach Gardens at 10000 South Gardens Drive in Palm Beach Gardens to New York-based Dermot Company for $131.8 million, according to records and real estate database Vizzda. PGIM paid $118.7 million for the property in 2017, records show, and the sale marks an 11.4 percent gain. Demot, led by Stephen Benjamin, assumed the seller’s $59.4 million loan, bumping […]This article originally appeared on The Real Deal. Click here to read the full story.
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