Bell Partners sold a 250-unit multifamily complex in Plantation for $70 million, marking a 4.1 percent gain from its purchase price six years ago.
Greensboro, North Carolina-based Bell Partners sold The Ellery, at 6901 West Sunrise Boulevard, to New York-based Maxx Properties for $280,000 per apartment, according to records and real estate database Vizzda.
The deal marked at least the second major South Florida multifamily purchase by Maxx Properties since 2024. The firm financed The Ellery deal with a $55.1 million Fannie Mae loan.
Completed in 2017, The Ellery consists of three three-story buildings and three five-story buildings on an 11.8-acre site, Vizzda records show. It has one-bedroom to three-bedroom apartments, with monthly rents ranging from $1,980 to $2,779, Apartments.com shows.
Bell Partners, led by CEO Lili F. Dunn, bought the complex for $67.2 million in 2018 from the developer, Alliance Residential.
Maxx Properties, led by fourth generation members of the Wiener family, is a multifamily investor with a portfolio of roughly 39 complexes with over 9,000 units across seven states and an additional 1,000-plus cooperative units in New York, according to its website. Eric “Rick” Wiener is chairman, with Andrew Wiener serving as vice chairman and David Wiener as director.
In 2024, the firm paid $46.6 million for a 145-unit apartment complex in Wilton Manors. Maxx affiliates sold a trio of complexes in North Miami Beach, Coral Springs and David in 2022 for a combined $82 million to a partnership among Mavik Capital Management, Triangle Capital Group and Corinthian Capital Real Estate Partners.
South Florida’s multifamily market has slowed due to hefty completions in recent years, including record deliveries in 2024, leading to slower lease-ups, more concessions and a drop in rents. Realtor.com’s February report shows the average asking monthly rent dropped to $2,235, a 3.3 percent decrease year-over-year.
In the first quarter, apartment investment sales in the tri-county region total about $750 million, down from $1 billion during the same period last year but more than the $410.4 million in the first quarter of 2024, according to data provided by CoStar Group.
In recent trades, Griffis Residential bought the 263-unit complex at 805 North Olive Avenue in West Palm Beach for $78.5 million, and Dermot Company paid $131.8 million for the 340-unit Quaye at Palm Beach Gardens at 10000 South Gardens Drive this month.
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