Related Fund Management has acquired the Aura Delray Beach apartment complex in Delray Beach for $116.9 million, marking a notable transaction in South Florida’s multifamily real estate sector. The purchase price equates to about $400,200 per unit for the 292-unit property at 2095 West Atlantic Avenue.
The investment comes as multifamily sales activity is showing signs of growth in South Florida, despite ongoing challenges such as higher interest rates and broader economic pressures. Related Fund Management secured a $59.1 million Freddie Mac loan that matures in 2035 to help finance the deal.
Aura Delray Beach was developed by Trinsic Residential Group, based in Dallas, which completed the project in 2023 after receiving rezoning approval from the Delray Beach commission in 2020. The development 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 Residential Group is led by Brian Tusa and is also collaborating with Macken Companies on another residential project: Aura North Miami Beach. That planned eight-story building will include 373 units along with ground-floor commercial space and a covered terrace featuring retail offerings.
Related Fund Management operates as the investment management arm of New York-based Related Companies. Jeff Blau leads Related Companies, which was founded over five decades ago by Steve Ross. Last year, Ross stepped back from day-to-day operations to start Related Ross in West Palm Beach but remains Related Companies’ largest shareholder and nonexecutive chairman.
Over the past two years, sales of multifamily properties in South Florida have slowed compared to the rapid pace seen during the pandemic. This shift is attributed to factors such as rising interest rates, increased insurance costs, inflation, and a decrease in migration from out-of-state residents that has affected demand and rent growth.
Despite these headwinds, many buyers are relying on financing from government-sponsored entities like Freddie Mac and Fannie Mae due to their favorable terms relative to traditional bank loans. Some transactions involve assuming existing loans or all-cash purchases.
Other recent large-scale multifamily deals in the region include Ponte Gadea’s acquisition of Veneto Las Olas for $165 million in downtown Fort Lauderdale—a purchase made entirely with cash—and Property Reserve’s $152.5 million purchase of Del Ola apartments in Boca Raton without recording a loan. Additionally, The Milestone Group bought Casa Brera at Toscana Isles for $46.4 million this month by assuming an existing Fannie Mae loan valued at $27.4 million.
