Related Fund Management has acquired Aura Delray Beach, a 292-unit apartment complex in Delray Beach, for $116.9 million. The transaction reflects continued activity in South Florida’s multifamily investment market despite higher interest rates and other economic challenges.
The property is located at 2095 West Atlantic Avenue and consists of six buildings on a 12-acre site. Related Fund Management paid nearly $400,200 per unit for the complex and secured a $59.1 million Freddie Mac loan that matures in 2035 to finance the purchase.
Aura Delray Beach was developed by Trinsic Residential Group, based in Dallas, which completed construction in 2023. The complex offers studios as well as one- to three-bedroom apartments with monthly rents ranging from $2,385 to $4,085 according to Apartments.com. In 2020, Trinsic received approval from the Delray Beach commission to rezone the site for this development.
Trinsic Residential Group is led by Brian Tusa. The company is also working with Macken Companies of Hollywood to develop Aura North Miami Beach, an eight-story project with 373 units and ground-floor commercial space.
Related Fund Management operates as the investment management arm of New York-based Related Companies. Jeff Blau leads Related Companies while Steve Ross, who founded the firm over five decades ago, stepped back last year to start Related Ross in West Palm Beach but remains its largest shareholder and nonexecutive chairman.
The pace of multifamily sales in South Florida has slowed over the past two years compared with pandemic-era levels due to factors such as increased interest rates, insurance costs, inflation, and a reduced influx of new residents from out of state impacting demand and rent growth.
Many current buyers are turning to government-backed loans from Freddie Mac or Fannie Mae because these typically offer better terms than traditional bank financing. Some buyers are assuming sellers’ existing loans or purchasing properties outright with cash.
Other recent notable transactions include Ponte Gadea’s all-cash purchase of Veneto Las Olas in Fort Lauderdale for $165 million and Property Reserve’s acquisition of Del Ola apartment complex in Boca Raton for $152.5 million without recording a loan—suggesting it was also an all-cash deal. Earlier this month, The Milestone Group bought Casa Brera at Toscana Isles in Palm Beach County for $46.4 million by assuming an existing Fannie Mae loan.
“Related Fund Management bought Aura Delray Beach at 2095 West Atlantic Avenue, paying nearly $400,200 per unit,” records show.
“It secured a $59.1 million Freddie Mac loan, which matures in 2035, for the purchase.”
“The seller is Dallas-based Trinsic Residential Group, which completed development of Aura in 2023.”
“Trinsic scored approval from the Delray Beach commission to rezone the site.”
“Trinsic…is partnering with Hollywood-based Macken Companies to develop…the eight-story…Aura North Miami Beach.”
“Related Fund Management is the investment management arm of New York-based Related Companies…led by Jeff Blau.”
“Steve Ross founded Related Companies more than 50 years ago…before stepping back last year…Ross remains Related Companies’ biggest single shareholder and nonexecutive chairman.”
