The Real Deal Miami

Bell Partners pays $62M for Miramar apartments

PGIM sold the complex for $258K per unit
By Katherine Kallergis | February 11, 2019 04:30PM

Milano at Miramar and Bell Partners CEO John Bell

Bell Partners paid about $62 million for an apartment complex in Miramar.

Property records show Flamingo Cove LLC, tied to PGIM Real Estate, sold Milano at Miramar, a 240-unit rental community at 3040 Southwest 119th Avenue in Miramar, to the Greensboro, North Carolina-based investment and management company.

The $61.92 million deal breaks down to about $258,000 per unit. Bell Partners financed the purchase with a $34.2 million loan from Nationwide Life Insurance.

The pet-friendly community includes a heated swimming pool with a deck, cabanas and spa; a 24-hour fitness center with yoga, cardio and weights; and walking and bike paths. The land last sold in 2005 for $6.3 million, records show.

Bell Partners has nearly 50,000 units under management and says it is one of the biggest apartment renovators in the industry, according to the firm’s website. In Florida, it owns 29 properties with 8,700 units, including communities in Boca Raton, Pembroke Pines, Coconut Creek and Parkland.

The Miramar acquisition is another example of the steady demand for multifamily properties in South Florida’s suburbs.

Klingbeil Capital Management recently bought the Island Reach Apartments in Boynton Beach from Boston asset manager Eaton Vance Management for $51.8 million.

Last month, the Los Angeles County Employees Retirement Association sold Arium Sunrise, an apartment complex near the Sawgrass Mills outlet mall, to Pacific Coast Capital Partners for nearly $87 million.