The Real Deal Miami

Bell Partners pays $67M for Plantation apartments

The Greensboro, North Carolina company paid $131 per square-foot for the 250-unit building
By Keith Larsen | November 13, 2018 04:34PM

John Bell, CEO of Bell Partners

UPDATED Nov. 14, 3:35 p.m.: Bell Partners just paid Alliance Residential Partners $67.2 million for a 250-unit apartment complex in Plantation, only a year after it was completed.

Greensboro, North Carolina-based Bell Partners purchased the 11.7-acre property at 6901 West Sunrise Boulevard for $131 per square foot. SunTrust Bank provided a $33.5 million loan to finance the purchase.

Alliance Residential Partners purchased the property to develop the apartments three years ago for $7.5 million.

The apartments include one- two- and three-bedroom units with rents ranging from $1,595 to $2,495, according to Apartments.com.

Amenities include a pool, cabanas, a pool pavilion, a dog park, theater, a fitness club with yoga and boxing studios.

Bell Partners is an apartment investment and management company with almost 50,000 units across 15 states and the District of Columbia. It is also one of the largest apartment renovators in the industry, according to the company’s website.

In September, Bell Partners bought the 300-unit Sheridan Village complex in Pembroke Pines for $91.8 million, property records show.

Correction: A previous version of this story had an incorrect number of apartments in the complex.