Bell Partners buys Fort Lauderdale apartments for $100M

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.