The Real Deal Miami

Bell Partners pays $92M for Pembroke Pines apartments

Altman Companies completed the complex in 2014
By Amanda Rabines | September 17, 2018 06:00PM

Sheridan Village apartment complex in Pembroke Pines and Bell Partners’ CEO Jon D. Bell

Multifamily investment firm Bell Partners just picked up the Sheridan Village apartment complex in Pembroke Pines for $91.8 million, property records show.

The deal for the 300-unit rental community at 16700 Sheridan Street breaks down to $306,000 per apartment. Records show AVR Realty Company is the seller.

AVR bought the complex in 2014 for $78 million. It was completed in 2014 by Boca Raton-based developer Altman Companies, and includes one-, two- and three-bedroom apartments.

Records show AVR also transferred $45.6 million in Fannie Mae financing from Wells Fargo Bank to Greensboro, North Carolina-based Bell Partners. In addition, Bell Partners secured $10.2 million in financing from Wells Fargo, bringing its total debt to about $55.8 million.

The previous sale in 2015 is not reflected in property records because Altman transferred management of the complex from itself to AVR, instead of filing a deed.

Sheridan Village features private balconies and granite counters. Amenities include a swimming pool, fitness center and game room with billiards tables.

Broward’s multifamily market is strong as demand outpaces supply. There were 1,343 more units absorbed than delivered in Broward, according to a second quarter report by Cushman & Wakefield. Vacancies in the county decreased to 5.3 percent from 6.5 percent, year-to-date.

Nearby, Art Falcone’s $350 million redevelopment of the former Plantation Fashion Mall is underway at 321 North University Drive. Once complete the project will feature 700 luxury rental apartments and 200,000 square feet of retail.

Last year, AVR sold a 700-unit rental complex called Montage at City Center in Pembroke Pines for $158.5 million to an affiliate of Harbor Group International.