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
Rendering of the project

Time Equities plans apartments, retail on former office site in West Palm

Shorecrest Club Apartments

CBRE fund pays $132M for Shorecrest Club Apartments in Miami

Arnaud Karsenti, Michael Adler and the Link at Douglas

Douglas Station project scores $99M loan for second tower

Rendering of Soleste Twenty2 and Robert Suris

Estate Companies completes 338-unit West Miami project

A rendering of Society Las Olas (Credit: Facebook)

16K apartments to be delivered in South Florida this year: report

Brian Gordon and Gio Midtown

Magellan launches leasing of Midtown Miami apartment tower

Masoud Shojaee and 3650 Bird Road (Credit: Google Maps)

Shoma plans two-tower rental project near Coral Gables

Bella Apartments at 225 179th Drive (Credit: Google Maps)

Investor buys Sunny Isles apartments

arrow_forward_ios
Loading...