Bell Partners pays $62M for Miramar apartments

PGIM sold the complex for $258K per unit

TRD MIAMI /
Feb.February 11, 2019 04:30 PM

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.


Related Articles

arrow_forward_ios
From left: Stuart Elliott, Jerome Hollo, Michael Shvo, Laurent Morali and Lissette Calderon

South Florida developers riff on the shift from condos to rentals: TRD Miami Showcase & Forum

The Mile, Robert Given and Troy Ballard

Greystar looks to sell luxury rental building The Mile near Coral Gables

Grant Cardone and 10X Living at Sawgrass

Motivational speaker Grant Cardone raises $50M for multifamily fund via crowdfunding

Rent reform is propelling a new wave of New York and California investors to Miami (Credit: iStock)

Rent reform in New York, California propels new wave of multifamily investors to Miami

Clockwise from left: 401 Southwest 17th Avenue, Alfonso Jaramillo, and Andros Sarduy 

Beraja family picks up Little Havana apartments

Greg Pinkalla and ORA Flagler Village Apartments (Credit: Google Maps)

Fairfield Residential sells new Flagler Village apartments for $92M

The Wynwood property and David Edelstein

W South Beach owner gobbles up more land for Wynwood resi project

Howard Cohe of Atlantic | Pacific and downtown Miami (Credit: iStock)

Atlantic | Pacific closes $140M portion of multifamily fund

arrow_forward_ios