Bell Partners buys Fort Lauderdale apartments for $100M

279-unit Satori Apartments to be rebranded to Bell Sunrise

Miami /
May.May 06, 2021 02:30 PM
Bell Partner's Jon Bell and Greystar's Bob Faith with the Satori Apartments. (Greystar, Bell Partners)

Bell Partner’s Jon Bell and Greystar’s Bob Faith with the Satori Apartments. (Greystar, Bell Partners)

Bell Partners bought a 279-unit Fort Lauderdale multifamily complex for $99.5 million.

The Greensboro, North Carolina-based multifamily investor and manager bought the Satori Apartments at 1015, 1111 and 1201 East Sunrise Boulevard from Greystar, according to a deed. The deal equates $356,631 per unit.

Bell Partners, founded in 1976 and led by Jon Bell, bought the property on behalf of its Fund VII investors, and will rebrand the community to Bell Sunrise, according to a news release.

The apartments were completed in 2010 on 5.4 acres and total 572,542 square feet, property records show.

The community includes a clubhouse, gym, two steam rooms and saunas, a dog park and a pool with cabanas, according to the release.

Bell Partners has been expanding its South Florida portfolio. Last year it bought two adjacent Boca Raton apartment communities for $94.25 million and merged them into one large complex, the 270-unit Bell at Broken Sound. It also bought a 240-unit multifamily community at 3040 Southwest 119th Avenue in Miramar for $62 million in 2019.

Charleston, South Carolina-based Greystar, led by Bob Faith, bought the Fort Lauderdale complex in 2017 by assuming the interest in the limited liability company that owns the property, and not through a deed. Greystar did not immediately return a request for comment.

The multifamily developer, buyer and manager last year sold The Mile near Coral Gables for $40 million in 2020.

In another recent Broward County multifamily deal, American Landmark Apartments bought The Pearl at 3880-3960 West Broward Boulevard in Plantation in April for $58 million.






    Related Articles

    arrow_forward_ios
    3600 North 29th Avenue in Hollywood (Google Maps, VIG)
    Furniture wholesaler pays $9M for Hollywood distribution facility
    Furniture wholesaler pays $9M for Hollywood distribution facility
    1500 Concord Terrace and Atal Bansal, founder and CEO of Chetu (Photos courtesy of Chetu)
    Software firm Chetu buys Sunrise office property for $25M
    Software firm Chetu buys Sunrise office property for $25M
    T-Mobile store logo (Getty) and 4850 Northwest 103rd Avenue in Sunrise, Florida (Google Maps)
    Des Moines investment firm pays $26M for T-Mobile data center in Sunrise
    Des Moines investment firm pays $26M for T-Mobile data center in Sunrise
    Jean Francois Roy and renderings of the Fort Lauderdale project (OceanLand)
    Jean Francois Roy plans bulk condo buyout to build multifamily project near downtown Fort Lauderdale
    Jean Francois Roy plans bulk condo buyout to build multifamily project near downtown Fort Lauderdale
    A rendering of the project and Nicole Kushner Meyer (Kushner)
    All in on Miami: Kushner pays $21M for Edgewater site of planned apartment tower
    All in on Miami: Kushner pays $21M for Edgewater site of planned apartment tower
    The Avenue Apartments at 6220 Reese Road in Davie (Photo via Avenue Davie)
    Boardwalk Properties sued for alleged racial discrimination
    Boardwalk Properties sued for alleged racial discrimination
    1007 West Prospect Road in Fort Lauderdale and 999 West Prospect Road in Oakland Park
    Seattle investors buy Fort Lauderdale, Oakland Park apartment buildings for $7M
    Seattle investors buy Fort Lauderdale, Oakland Park apartment buildings for $7M
    Leon Ojalvo with Blue Lake Village Apartments (SRE Commercial Group)
    Investor buys multifamily complex near Miami Shores for $15M
    Investor buys multifamily complex near Miami Shores for $15M
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...