Related Fund Management has acquired Aura Delray Beach, a 292-unit apartment complex located at 2095 West Atlantic Avenue in Delray Beach, for $116.9 million. The transaction price equates to nearly $400,200 per unit.
The purchase was financed with a $59.1 million Freddie Mac loan set to mature in 2035. Related Fund Management is the investment management division of New York-based Related Companies, which is led by Jeff Blau. Steve Ross, who founded Related Companies over five decades ago, stepped down last year to start and lead Related Ross in West Palm Beach but remains the company’s largest single shareholder and nonexecutive chairman.
The seller, Trinsic Residential Group from Dallas, completed construction of Aura Delray Beach in 2023. The property consists of six buildings on a 12-acre site and offers studio to three-bedroom apartments with monthly rents between $2,385 and $4,085 according to Apartments.com.
Trinsic received approval from the Delray Beach commission in 2020 to rezone the site for development. Brian Tusa leads Trinsic Residential Group, which is also collaborating with Macken Companies on another project: the eight-story Aura North Miami Beach that will feature 373 units along with ground-floor commercial space and retail terrace.
The deal occurs during an increase in multifamily investment sales across South Florida despite higher interest rates and economic challenges such as rising insurance costs and slower rent growth due to reduced migration from out-of-state residents.
According to recent trends, many buyers are using government-sponsored loans like those from Freddie Mac or Fannie Mae because they generally offer more favorable terms than traditional bank financing. Some buyers are also assuming existing loans or paying entirely in cash for acquisitions.
Other significant transactions include Ponte Gadea’s $165 million all-cash purchase of Veneto Las Olas in downtown Fort Lauderdale—a 44-story tower with 259 units—and Property Reserve’s acquisition of the 384-unit Del Ola complex in Boca Raton for $152.5 million without recording a loan on the deal. Earlier this month, The Milestone Group bought Casa Brera at Toscana Isles for $46.4 million by assuming an existing Fannie Mae loan.
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