The asset and investment management arm of JPMorgan Chase Bank offloaded a 366-unit apartment complex in Palm Beach County that it had owned for 24 years.
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A fund controlled by J.P. Morgan Asset Management sold the Polo Lakes apartment complex in Wellington to an affiliate of TA Realty for $105.4M, according to property records provided by Vizzda.
J.P. Morgan more than doubled its investment in the 27-building property. It acquired the 531K SF apartment complex at 1950 Polo Lake Blvd. in 2002 for $47.4M from The Bainbridge Cos., which developed it in 2000.
The sale process was "extremely competitive," with Boston-based TA Realty beating out 21 bidders, Still Hunter, a managing director at Walker & Dunlop who helped broker the deal, wrote in an email.
"TA was attracted to the asset due to its excellent Wellington location and the fact that the community has many attributes that would be difficult to replicate today," Hunter wrote.
The 27-acre complex has four three-story buildings and 23 two-story buildings. It appealed to buyers in particular because of the larger units, which average 1,300 SF, and the site's low density at about 14 units per acre, Hunter said.
Monthly rents range from $1,974 to $5,341, according to Apartments.com. Some units feature two-level townhomes with attached garages, Hunter said.
Residents have access to a clubhouse with a game room, conference room and coworking space, an outdoor basketball court, and barbecue and picnic areas, according to its website.
A Walker & Dunlop team of Hunter, Kaya Robert Suarez, Luke Duffack, Leigh Ann Gerke and Bennett Hopkins handled the transaction, according to Hunter's LinkedIn post.
J.P. Morgan declined to comment. TA Realty, an active private investor with $19B of assets under management, according to its website, didn't immediately respond to a request for comment.
The sale comes as South Florida's multifamily market shakes off a sluggish start to the year, with plummeting values and fewer transactions amid high construction levels and flat rents.
South Florida rents averaged $2,590 a month in the second quarter, essentially unchanged from the previous year, according to Colliers. Construction is also elevated, with 29,826 units under construction, up from 28,457 in the second quarter of 2025.
But investment activity rose 53% quarter-over-quarter, reaching $1.3B. In Palm Beach County, quarterly sales volume reached $320M, tripling from the second quarter of 2025, according to Colliers.
TA Realty paid $288K per unit for Polo Lakes, below the Palm Beach County average of $358K — a record high, according to Colliers.
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