- Related Fund Management acquired the 292-unit Aura Delray Beach for $116M, its first South Florida purchase since the creation of Related Ross in 2024.
- The property was developed by Trinsic Residential Group, which completed the 11-acre complex in 2023.
- Related financed the deal with a $59M Freddie Mac loan originated by Berkadia, maturing in 2035.
Back In The Game
Related Cos. has returned to the South Florida multifamily market after a brief pause, as reported by Bisnow. The break followed its 2024 decision to spin off its West Palm Beach operations into a new entity called Related Ross, led by founder Stephen Ross.
The newly acquired Aura Delray Beach marks the first South Florida buy by any Related Cos. entity since that strategic split.
Deal Breakdown
Related Fund Management, the investment arm of Related Cos., has purchased a 292-unit complex in Delray Beach. The seller was Trinsic Residential Group, and the deal closed for $116M, according to property records analyzed by Vizzda.
The deal was backed by a $59M Freddie Mac loan, arranged by Berkadia, with a term through 2035.
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Inside The Property
Located at 2095 W. Atlantic Ave, Aura Delray Beach spans 325K SF and sits on an 11-acre lot. The complex consists of:
- Four five-story buildings
- Two three-story buildings
- A two-story clubhouse
Units range from 651 to 1,374 SF, with monthly rents between $2,350 and $3,970, per Apartments.com.
Amenities include a fitness center, coworking space with rentable office pods, dog park, yoga and spin studio, and more.
Trinsic’s Exit
Trinsic, based in Dallas, acquired the site in early 2021 for $11.3M, broke ground later that year, and delivered the completed project in 2023.
While the firm declined to comment on the sale, Trinsic remains active in Florida, including a 373-unit Aura North Miami Beach project in partnership with Macken Cos.
Context & Outlook
This marks Related’s first regional acquisition since its $48M purchase of Sorrento at Miramar in 2023, prior to the spinoff.
Meanwhile, Stephen Ross’ Related Ross is aggressively investing in West Palm Beach, with $10B planned for developments. Projects include:
- One Flagler, a luxury office tower delivered in February
- South Flagler House, a condo project that secured $600M in construction financing in June
Despite the pause in acquisitions, Related Fund Management has stayed active in the market. It has provided mezzanine financing for a condo project in Wynwood, co-financed the Waldorf Astoria supertall in Miami, and sold the W Hotel Fort Lauderdale.
Why It Matters
The acquisition marks a strategic re-entry by Related Fund Management into the broader South Florida multifamily market. At the same time, Ross’ Related Ross is narrowing its focus on transforming West Palm Beach into a financial and luxury real estate hub..
With fundamentals still strong and population growth driving multifamily demand, expect more selective—but impactful—moves from Related in the region.
