From remaining: Money Square’s Louis Rogers and Whitson Huffman (potential buyers) Bell Partners’ Jon Bell and Lili Dunn (sellers) the Bell Parkland condominium sophisticated at 5851 Holmberg Highway in Parkland (Money Square, Bell Companions, BellParkland.com)
Bell Companions marketed an apartment intricate in Parkland for $155 million, marking the 3rd time this month that the firm has cashed out of a Broward County multifamily property.
Capital Sq., a organization focused on tax-helpful investments this kind of as 1031 exchanges, bought the backyard garden-design and style Bell Parkland local community at 5851 Holmberg Street, in accordance to information and genuine estate database Vizzda. The consumer took out a $73.4 million financial loan on the property.
The offer for the 396-device complicated breaks down to roughly $391,400 for every condominium. The group is 96 % leased, said Capital Square co-CEO Whitson Huffman.
Bell Parkland is made up of 43 two-tale buildings with one- to a few-bed room apartments, according to Vizzda. Designed in 2000 on 45 acres, the complicated has two pools, as properly as tennis and basketball courts.
Bell Companions paid out $92.8 million for the elaborate in 2018, documents display.
The Greensboro, N.C.-primarily based agency is clean off promoting a pair of adjacent condominium complexes in Miramar for a combined $138 million. The Connor Team purchased the 131-device Bell Residences at 11900 Southwest 31st Court, and the 240-device Horizon at Miramar Residences at 3040 Southwest 119th Avenue from Bell Associates.
Led by Jon Bell and Lili Dunn, Bell Partners has accomplished extra than $22 billion in bargains on behalf of buyers considering the fact that 2002, in accordance to its internet site. The a few discounts are not element of a much larger nationwide portfolio sale by Bell Partners, in accordance to sources familiar with the make a difference.
The organization still owns other South Florida apartment complexes. They incorporate Bell Sunrise in Fort Lauderdale at 1015, 1111 and 1201 East Dawn Boulevard, which Bell bought for $99.5 million final 12 months, according to documents.
Glen Allen, Virg.-based mostly Money Square has a portfolio of more than 150 properties valued at above $5 billion, in accordance to its web-site. Louis Rogers is co-CEO.
Some of its tax-valuable investments concentration on Chance Zone cash, its website states.
The Bell Parkland house is component of Money Square’s Delaware Statutory Trust application, which lets traders in the software to execute 1031 exchanges by investing in this property, according to Huffman.
South Florida’s multifamily market place is coming off a frenzied two decades, with the area main the country in document rent growth triggered by skyrocketing desire.
Rates nonetheless are growing but at a considerably slower pace. The progress charge was 8.4 % in October, calendar year-in excess of-yr, a lot less than the 52.4 percent hike in January, yr-more than-year, in accordance to Real estate agent.com.
Parkland, a suburban group in west Broward, has not seasoned considerably of the multifamily investment revenue action.
In other places in the county, Mesirow Fiscal paid out $132 million for the Broadstone Cypress Hammocks complicated at 5201-5381 West Hillsboro Boulevard in Coconut Creek in October.
Stephen Ross’ New York-dependent Linked Firms also has wagered on Broward multifamily serious estate, paying $55.5 million for the Monterra very affordable apartment complex at 2601 Solano Avenue in Cooper Town in November.
