JPMorgan Unloads Wellington Apartments for Record-Breaking $105M

JPMorgan Chase Bank's asset and investment management arm has sold its 366-unit apartment complex in Wellington, Florida for $105.4 million.

The Polo Lakes apartment complex, which J.P. Morgan Asset Management had owned since 2002, was acquired by an affiliate of TA Realty after a competitive bidding process.

According to property records provided by Vizzda, the sale price represents more than double JPMorgan's original investment in the property, which it purchased for $47.4 million in 2002.

The complex features 27 buildings across 27 acres, with units averaging 1,300 square feet and monthly rents ranging from $1,974 to $5,341.

TA Realty's purchase of Polo Lakes comes as South Florida's multifamily market begins to show signs of recovery after a sluggish start to the year, with investment activity rising by 53% quarter-over-quarter to reach $1.3 billion.