Apartment Choice

New York firm pays $58M for Wellington apartments Deal breaks down to more than $180,000 per unit By Sean Stewart-Muniz | March 07, 2016 10:30AM The Solara at Wellington apartment complex Affiliates of Phillips International, a New York real estate company , just paid $58 million to AEW Capital Management for the Solara at Wellington Apartments. Solara is a mid- rise apartment community with 320 units at 12535 South Shore Boulevard , directly north of the Palm Beach Polo & Country Club. It was first built in 1991 and has traded hands between firms several times since then, most recently in 2007 when California’s IMT Residential gave ownership of the apartments to Boston- based AEW Capital Management for an unknown price, according to Palm Beach County property records . AEW manages investments primarily on behalf of institutional and private investors. According to its website, the firm has about $34 billion worth of assets in North America. The company recently sold a trop...

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