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South Florida

Coconut Creek apartment complex sells for $56M

Hillsboro Bay Club in Coconut Creek
Hillsboro Bay Club in Coconut Creek

The Hillsboro Bay Club apartment complex in Coconut Creek has traded for $56 million, The Real Deal has learned.

MEPT Hillsboro Bay of Bethesda, Md. sold the 366-unit complex at 3400 West Hillsboro Boulevard on Tuesday, according to Broward County records. It paid $53.1 million for the sprawling 45-acre property in October 2010.

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Bell Fund V Coconut Creek JV of Greensboro, N.C. is the buyer. The company is tied to Bell Partners, a private real estate investment and management firm that is active in South Florida. It obtained a $39.5 million mortgage from New York Life Insurance Co. for the acquisition.

Hillsboro Bay Club was constructed in 1998. Monthly rents range from $1,055 for select one-bedroom apartments to $1,880 for certain three-bedroom units, according to the community’s website. — Eric Kalis