UPDATED, Aug. 12, 3:30 p.m.: Bell Partners bought an apartment complex in Pompano Beach for $58.5 million, adding to the multifamily properties it already owns in South Florida.
The Greensboro, North Carolina-based company paid $235,000 per unit for the property at 4611 North Federal Highway. M-M Properties, a Houston-based privately held real estate firm, sold the 392,222-square-foot complex to Bell Partners.
Chris Conklin of Walker & Dunlop represented the seller.
Monthly rents start at $1,424 for a one-bedroom.
M-M built completed the complex in 2016 after purchasing the site in 2013 for $7.1 million.
Bell Partners has nearly 55,000 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 manages 32 properties with 9,446 units, including communities in Boca Raton, Pembroke Pines, Coconut Creek and Parkland.
In February, Bell Partners paid about $62 million for an 240-unit apartment complex in Miramar. A few months prior in September 2018, Bell Partners bought the Sheridan Village apartment complex in Pembroke Pines for $91.8 million, property records show.
Pompano Beach is experiencing a wave of redevelopment.
The city of Pompano Beach and the Pompano Beach Community Redevelopment Agency recently announced they are looking for bidders to redevelop a 30-acre assemblage within the city’s planned downtown innovation district.
In May, San Diego-based Fairfield Residential scored a $56.5 million loan to build its Fairfield Pompano apartment project at 601 North Federal Highway, near Pompano Community Park and Pompano Beach High School.