Active in South Florida’s multifamily market, the Bell Partners having bought apartment complexes in neighboring cities of Boca Raton such as Pompano, Fort Lauderdale, and Miramar, and most recently spending a combined number of $94 million on two Boca Apartment complexes.
The 180-unit community at 550 Broken Sound Boulevard was sold by Mainstream Capital Partners, based out of Fort Lauderdale, for $56.4 million to the Bell Partners. Continuing on their apartment shopping spree, the Bell Partners also purchased a 90-unit complex at 950 Northwest Broken Sound Boulevard.
This complex was sold to them by Bluerock Residential Growth REIT for $37.75 million.
“Bluerock, which is based in New York and led by CEO Ramin Kamfar, bought the land in 2016 for $4 million,” Wade Millward of TheRealDeal said.
Both complexes were built just two years ago. “Built in 2018, the two complexes are within a mile of each other,” Millward said.
The Bell Partners are North Carolina based partners with CEO Jon Bell heading the company.
For these Greensboro affiliates, they knew what they wanted and that was these two multifamily complexes.
Having a 180-unit complex totaling $56.4 million, that would equate to $314,000 per unit and a 90-unit space going for $37.75 million would amount to $419,000 a unit.
These complexes are cooped up with all sorts of amenities.
“According to an online listing for The Bell at Broken Sound at 5500 Broken Sound Boulevard, the community has a 24-hour gym and a dog park,” Millward noted. “Units range from studio to three bedrooms. An 800-square-foot, one-bedroom, one bath apartment rents for $1,800 a month. A 1,640-square-foot, three bedroom, three-bath apartment rents for $3,404 a month.”
Totaling 270 units, the Bell Partners made sure they remained rooted in their South Florida market.