There's a residential complex in Wellington that allows you to live in the manicured municipality without paying the pricey cost of owning the home.

The Quaye at Wellington is a 350-unit rental community at 9840 Quaye Side Drive that offers town houses as spacious as single-family homes.

“The town homes here look and feel like a home, and so just the affordability component transcended the entire rental community from baby boomers, young professionals and families alike,” said Chris Conklin, the Walker & Dunlop Investment Sales Miami-based managing director who was part of the team that closed the sale.

Stockbridge Capital Group LLC paid $120 million to purchase the multifamily complex from Tampa-based developer HG Management LLC in a deal that closed May 9.

Stockbridge is a San Francisco-based real estate investment management company that invests in value-add assets as well as well-leased, operationally stable assets with low lease rollover in the near term, according to the firm's website.

HG Management has built numerous residential communities throughout Florida. They include The Quaye at Palm Beach Gardens, a sister community to Wellington community, which HG sold in 2015.

The sale of the Wellington property breaks down to $342,857 per unit for the complex east of U.S. Route 441 between Southern and Forest Hill boulevards. The complex was 90 percent occupied last week.

Along with Conklin, Walker & Dunlop Investment Sales executive vice president Greg Engler in Atlanta and managing director Roberto Pesant in Miami represented the seller.

The Quaye at Wellington is about 70 percent town houses with direct-access garages, and the rest of the units are apartments, according to Conklin.

Generally in South Florida, rising single-family home prices pose a barrier to entry for many would-be buyers, who instead focus on rentals.

With single-family home affordability in question, “this town home product was extremely well-received,” Conklin said.

The median sale price for a single-family home in Wellington in the first quarter of this year was $413,500, but that price shoots up to $1.4 million for a single-family home on more than 2 acres and $1.5 million for a single-family home considered a luxury property, according to Douglas Elliman.

Rents at The Quaye are $1,565 for a one bedroom unit, $2,050 to $2,185 for a two-bedroom, $2,320 for a three-bedroom and $2,795 for a four-bedroom, according to the website for the property.

“The typical home here just surrounding us is over half-a-million dollars and well rising into multimillion-dollar homes just around us in this immediate market,” Conklin said.

This product's affordability also allows residents to enroll their children in the community's top-rated schools, he added.

The Quaye was built in 2017 with an eye toward sustainability and energy conservation.

“It was built to a very high standard. The green component to The Quaye at Wellington is certainly something of note,” Conklin said.

The National Association of Home Builders, a trade organization that provides economic analyses, has certified the asset with a gold standard for a green project.

“It's a very stringent standard in order to achieve that gold standard,” Conklin said. ”It's just the building materials that were used. … it's just a high energy-efficiency rating across the board.”

Also, every garage at The Quaye has its own electric car-charging station.