TA Realty bought a 300-unit apartment complex in Pembroke Pines for $118 million, as South Florida experiences an uptick in multifamily investment sales.
The Boston-based firm bought the Bell Pembroke Pines complex at 16700 Sheridan Street from Greensboro, North Carolina-based Bell Partners, according to records and real estate database Vizzda. The deal breaks down to $393,333 per unit.
Bell Pembroke Pines consists of 14 three-story apartment buildings and a clubhouse completed in 2014 on a 33-acre site, Vizzda records show. It has one-bedroom to three-bedroom units.
Bell Partners bought the complex in 2018 for $91.8 million, according to records.
Led by CEO Lili Dunn, multifamily investor Bell Partners has heightened its activity in recent months. In November, the firm paid $121.3 million for the 349-unit Bell Miramar Place complex at 11338 Southwest 45th Place in Miramar, as well as $78.5 million for the 228-unit Bell Kendall West complex at 8485 Hammocks Boulevard in unincorporated Miami-Dade County.
In Los Angeles County, Bell Partners scored a $73 million refinancing for the 216-unit Bell South Bay apartment complex at 1622 Aviation Boulevard in Inglewood.
TA Realty –– led by managing partners James Buckingham, Michael Haggerty and James Raisides –– invests across property types and has $18.3 billion in assets under management, according to its website.
In December, TA Realty bought the four-building Ironwood Commerce Center 12700 Northwest 42nd Avenue in Opa-locka for $160 million. It was the third biggest industrial deal in South Florida last year.
South Florida multifamily investment sales have inched up after declining in 2023. The total deal volume last year in the tri-county region hit $4.3 billion, up from $3.4 billion in 2023, according to data from Avison Young.
That still is significantly down from the boom years of 2021 and 2022, when unprecedented rental demand and record rent hikes fueled an investment sales frenzy. Deal dollar volume reached $15.4 billion in 2021 and $9.2 billion in 2022, according to Avison’s data.
The Federal Reserve’s 11 interest rate hikes in 2022 and 2023 are among the reasons activity dropped over the past two years. The multifamily market also is being battered by skyrocketing insurance and increases in other expenses, such as repair costs.
The deal uptick last year compared with 2023 came after the Fed imposed three rate cuts in 2024. That slightly lowered the cost of short-term, floating-rate loans. Long-term Treasury rates, on which fixed-rate loans are based, remained elevated.
In December, Church of Jesus Christ of Latter-day Saints’ real estate arm paid $102.4 million for the 284-unit Elan Polo Gardens complex at 4310 Chukka Lane near Wellington. That came on the heels of Four Corners Development Group’s $48.6 million purchase of the 210-unit Nottingham Pine at 1 South Pine Island Road in Plantation.
