Related Fund Management has acquired Aura Delray Beach, a 292-unit apartment complex in Delray Beach, for $116.9 million. The purchase price comes to nearly $400,200 per unit.
The acquisition occurs as multifamily investment sales show signs of growth in South Florida, even though interest rates remain high and economic conditions are challenging. Related Fund Management obtained a $59.1 million Freddie Mac loan for the deal, with the loan set to mature in 2035.
Aura Delray Beach is located at 2095 West Atlantic Avenue and consists of six buildings on a 12-acre site. The development offers studios as well as one- to three-bedroom apartments, with monthly rents ranging from $2,385 to $4,085 according to Apartments.com.
Dallas-based Trinsic Residential Group was the seller and developed Aura Delray Beach after receiving rezoning approval from the city commission in 2020. Brian Tusa leads Trinsic Residential Group.
Trinsic is also collaborating with Macken Companies on another project: an eight-story building named Aura North Miami Beach that will feature 373 units along with commercial space on the ground floor and a covered terrace for retail use.
Related Fund Management operates as the investment management arm of New York’s Related Companies, which Jeff Blau leads. Steve Ross founded Related Companies over five decades ago before transitioning last year to establish West Palm Beach-based Related Ross; he continues as nonexecutive chairman and remains its largest shareholder.
In recent years, sales of multifamily properties in South Florida have declined compared to activity during the pandemic period. This slowdown follows higher borrowing costs and insurance expenses, rising inflation, and less migration into the region—all factors contributing to reduced demand and slower rent increases.
Despite these trends, many buyers continue using loans backed by agencies such as Freddie Mac or Fannie Mae due to their favorable terms compared with bank financing options. Some buyers opt for all-cash purchases or assume existing loans held by sellers.
Several notable transactions have occurred recently in South Florida’s multifamily market. Amancio Ortega’s Ponte Gadea paid $165 million in cash for Veneto Las Olas—a 44-story tower containing 259 units—in downtown Fort Lauderdale (https://therealdeal.com/miami/2024/06/26/amancio-ortega-pays-165m-for-las-olas-tower-in-fort-lauderdale/). Property Reserve spent $152.5 million on the Del Ola apartment complex—384 units—in Boca Raton without recording any debt for the transaction (https://therealdeal.com/miami/2024/07/02/church-of-jesus-christ-of-latter-day-saints-buys-boca-raton-apartments-for-153m/). In addition, The Milestone Group acquired Casa Brera at Toscana Isles—a 206-unit property—for $46.4 million while assuming a Fannie Mae loan (https://therealdeal.com/miami/palm-beach-county-multifamily-property-sales-price-tracker-map-apartment-complexes).
