Bell Partners pays $94M for two Boca Raton apartment complexes

Posted :
November 3, 2020
Posted :
Share :

As reported in The Real Deal.

An apartment investment and management company bought a pair of multifamily complexes in Boca Raton for a combined $94.25 million.

An affiliate of Greensboro, North Carolina-based Bell Partners, led by CEO Jon Bell, bought the complexes at 5500 Broken Sound Boulevard and 950 Northwest Broken Sound Parkway, according to records. Built in 2018, the two complexes are within a mile of each other.

Mainstreet Capital Partners sold the 180-unit community at 5500 Broken Sound Boulevard for $56.5 million, or about $314,000 a unit. Mainstreet, which is based in Fort Lauderdale and led by managing partner Paul Kilgallon, bought the land in 2015 for $8.5 million, records show.

Bluerock Residential Growth REIT sold the 90-unit apartment community at 950 Northwest Broken Sound Boulevard for $37.75 million, or about $419,000 a unit. Bluerock, which is based in New York and led by CEO Ramin Kamfar, bought the land in 2016 for $4 million.

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. 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.

Bell Partners has been active in South Florida’s multifamily market. In 2019, Bell Partners bought an apartment complex in Pompano Beach for $58.5 million, and also paid about $62 million for an apartment complex in Miramar.

In 2018, A partnership between Mainstreet Capital Partners and an investment fund managed by the Davis Companies sold an office building at the Park of Broken Sound at 900 Broken Sound Parkway for $23.7 million.

Other recent multifamily sales in Boca Raton include the Jewish Federation of South Palm Beach County selling an affordable senior housing complex in Boca Raton to Fairstead for $33.75 million.