Related Fund Management has acquired the 292-unit Aura Delray Beach apartment complex in Delray Beach for $116.9 million. The transaction, which closed recently, reflects ongoing activity in South Florida’s multifamily investment market despite higher interest rates and broader economic challenges.
The property, located at 2095 West Atlantic Avenue, was purchased from Dallas-based Trinsic Residential Group. Records show Related Fund Management paid nearly $400,200 per unit and secured a $59.1 million Freddie Mac loan maturing in 2035 to finance the deal.
Aura Delray Beach consists of six buildings on a 12-acre site and was completed by Trinsic in 2023. The complex offers studio through three-bedroom apartments with monthly rents ranging from $2,385 to $4,085, according to Apartments.com.
Trinsic received approval from the Delray Beach commission in 2020 to rezone the site for development of Aura Delray Beach. Brian Tusa leads Trinsic Residential Group. The company is also working with Macken Companies on another project: an eight-story, 373-unit development called Aura North Miami Beach that will include ground-floor commercial space and a covered terrace with retail space.
Related Fund Management operates as the investment management arm of New York-based Related Companies. Jeff Blau serves as CEO of Related Companies, which was founded over fifty years ago by Steve Ross. Last year Ross stepped back from his leadership role at Related Companies to start and lead West Palm Beach-based Related Ross but remains its largest single shareholder and nonexecutive chairman.
Multifamily sales volume in South Florida has slowed compared to pandemic-era highs due to factors such as rising interest rates, increased insurance costs, inflation pressures, and slower population growth from out-of-state migration—all affecting demand and rent increases.
Many buyers are relying on financing options like Freddie Mac or Fannie Mae loans because they often offer more favorable terms than traditional bank loans. Some investors are assuming sellers’ existing loans or making all-cash purchases instead.
Recent notable transactions include Spanish billionaire Amancio Ortega’s Ponte Gadea purchasing the Veneto Las Olas apartment tower in downtown Fort Lauderdale for $165 million without financing; Property Reserve acquiring the Del Ola apartment complex in Boca Raton for $152.5 million—also without recording a loan; and The Milestone Group buying Casa Brera at Toscana Isles for $46.4 million while assuming an existing Fannie Mae loan.
