Related Fund Management has acquired Aura Delray Beach, a 292-unit apartment complex in Delray Beach, for $116.9 million. The purchase price equates to nearly $400,200 per unit. The investment management firm secured a $59.1 million Freddie Mac loan for the acquisition, which will mature in 2035.
Aura Delray Beach is located at 2095 West Atlantic Avenue and consists of six buildings on a 12-acre site. The property was developed by Trinsic Residential Group, based in Dallas, and completed in 2023. According to Apartments.com, the complex offers studios as well as one- to three-bedroom apartments with monthly rents ranging from $2,385 to $4,085.
Trinsic received approval from the Delray Beach commission in 2020 to rezone the site for the development of Aura Delray Beach. Brian Tusa leads Trinsic Residential Group, which is also collaborating with Macken Companies on an eight-story project called Aura North Miami Beach.
Related Fund Management operates as the investment arm of Related Companies, a New York-based firm led by Jeff Blau. Steve Ross founded Related Companies over fifty years ago and recently shifted his focus to lead Related Ross in West Palm Beach while remaining Related Companies’ largest shareholder and nonexecutive chairman.
The South Florida multifamily market has experienced slower sales over the past two years compared to activity during the pandemic period. Factors such as higher interest rates, increased insurance costs, inflation, and reduced migration from other states have contributed to this slowdown and tempered rent growth.
Many buyers are turning to Freddie Mac and Fannie Mae loans for financing due to their generally more favorable terms than traditional bank loans. Some investors are assuming sellers’ existing loans or opting for all-cash purchases.
Recent notable 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 recorded financing. Additionally, The Milestone Group bought Casa Brera at Toscana Isles for $46.4 million by assuming a Fannie Mae loan.
“Trinsic, led by Brian Tusa, also is partnering with Hollywood-based Macken Companies to develop the eight-story, 373-unit Aura North Miami Beach with 17,000 square feet of ground-floor commercial space and a 9,000-square-foot covered terrace with retail space.”
“Related Fund Management is the investment management arm of New York-based Related Companies, which is led by Jeff Blau.”
“Steve Ross founded Related Companies more than 50 years ago, before stepping back last year to start and lead West Palm Beach-based Related Ross, which focuses primarily on South Florida.”
“Ross remains Related Companies’ biggest single shareholder and nonexecutive chairman.”
