Tampa-based HG Management, under leadership of Charles B. Funk in Tampa, Jeff Meehan in Orlando, raised the bar in Florida multi-family market sales with a record-setting $348,015 per unit for its garden-apartment community, The Quaye at Palm Beach Gardens. The 34-acre, 340-residence apartment complex in Palm Beach Gardens sold for over $118 million to Prudential Financial’s real estate arm, PGIM Real Estate, at the end of July.
Built in 2015, the Quaye earned the South Florida Business Journal’s 2016 Best Green Project award and a National Association of Home Builders Gold designation for its green features including energy efficient lighting, water-saving faucets, showers and toilets, high efficiency air conditioning units, solar roof ventilation, and electric vehicle charging outlets as well as impact rated hi-efficiency windows to reduce solar heat gain.
“The record-setting price can be attributed to strong market growth and the well-timed offering of a highly amenitized community in a central location in Palm Beach Gardens, combined with best-in-class green features, desirable amenities and highest quality finishes,” said General Partner Charles B. Funk. The community has averaged a 98% percent occupancy rate.
The spacious apartments range from one-bedroom garden apartments to two-, three- and four-bedroom town homes, with direct access garages. Impressive amenities set the stage for the desirable lifestyle at the Quaye: eight acres of upland preserve with walking paths, six acres of lakes, two dog parks, a Olympic-style lap pool, multi-purpose sports court, playground, racquet ball court, and an award-winning 12,000-square-foot clubhouse with state-of-the-art fitness center, playroom, club room, coffee and juice bar, business center and the Clubhouse offers a full calendar of social activities.
With more than $1 billion in residential real estate developments, HG Management has built a variety of successful communities, including Arbor Greene, a 650-acre community in New Tampa; Stonelake Ranch a 685 acre upscale Lake/Equestrian community on Lake Thonotosassa; Bellagio a 142-unit residential community in Venice, Triano, a 108-unit condominium community also in Venice, Cypress Pointe, a 334-residence community in Coral Springs; Seaborne Cove a 456 unit community in Boynton Beach; The Quaye at Wellington a 350 units, a sister community to The Quaye at Palm Beach Gardens and Crystal Ridge Estates, a 350-acre residential community in Hartford, Connecticut.
Commercial projects include Tampa Bayside Marina, a full-service destination marina an restaurant in Tampa and The Bank of Tampa building, a large multiple unit office building along scenic Bayshore Boulevard in Tampa.
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