Deutsche Bank is once again hunting down South Florida multifamily properties.
RREEF Management, a commercial real estate capital based in Chicago and owned by the German bank, earned a rental community in Wellington, Florida, the equestrian capital of the world for $70.6 million as per records.
Waterstone at Wellington, located at 2029 Vinings Circle, holds 222 units, spanning 14 buildings and 11 acres. Some of the world’s premier equestrian venues — The Palm Beach International Equestrian Center and International Polo Club Palm Beach — are situated less than five miles away.
While Wellington now draws such wealthy individuals as heiress Georgina Bloomberg and musician Bruce Springsteen, thanks to its equestrian roots, Waterfront’s apartments are fairly modest. Monthly rents for one- to three-bedroom units range from between $2,085 and $2,900, according to Apartments.com.
The seller, Fairfield Residential, bought the property for $33 million in 2011. Headquartered in San Diego, Calif., the firm owns and operates 42,700 apartments in 31 markets across the U.S.
This is RREEF’s third multifamily purchase in South Florida in recent weeks. The Chicago-based fund purchased a 368-unit rental complex in Pembroke Pines for $121.25 million from Brookfield Property Group.