Advenir bought a 249-unit apartment building in Pompano Beach for $60.9 million, amid an uptick in multifamily investment sales in South Florida.
Aventura-based Advenir bought the six-story Bell Lighthouse Point at 4611 North Federal Highway from Greensboro, North Carolina-based Bell Partners, according to records and real estate database Vizzda. The buyer assumed the seller’s $37.6 million outstanding loan balance and amended the debt to a $53.3 million Freddie Mac loan.
Completed in 2015 on a 5.3-acre site, Bell Lighthouse Point consists of one-bedroom to three-bedroom apartments, Vizzda records show. Monthly rents aren’t listed on the property’s website. The sale equates to $244,578 per apartment.
Bell Partners, led by Lili F. Dunn, had paid $58.5 million for the building in 2019, according to records.
Led by Stephen L. Vecchitto and David Vecchitto, Advenir is a multifamily and single-family rentals developer, investor and manager, according to its website. Since it was founded in 1996, it has owned and managed more than 30,000 units, and its current portfolio is valued at $2.9 billion.
The deal comes on the heels of Advenir’s $117.9 million sale of the 542-unit Palm Beach Gardens Apartments complex at 4120 Union Square Boulevard in Palm Beach Gardens. Boston-based West Shore bought the property.
South Florida’s multifamily market has slowed compared with the leasing and investment sales bonanza that ensued from out-of-staters creating unprecedented demand and record rent growth. Developers seized on the boom with a flurry of new projects, delivering a record 18,600 units last year, outpacing 15,000 net new leases, according to CoStar Group data. This created a supply overhang, slowing lease-ups of new projects and increasing concessions. At Bell Lighthouse Point, prospective tenants could get a $99 “move in special,” according to the property’s website.
Investment sales have picked up over the past year, despite elevated interest rates. Many buyers are assuming sellers’ debt, or relying on Freddie Mac and Fannie Mae loans and financing from insurance firms.
Bell Partners’ Pompano Beach sale marks at least the second South Florida property it has sold in as many months. Last month, the firm sold the 270-unit Bell at Broken Sound Apartments at 5500 Broken Sound Boulevard Northwest and 950 Northwest Broken Sound Parkway in Boca Raton for $124.5 million to Tishman Speyer.
This month, Pantzer Properties bought the 393-unit, eight-story apartment building at 1-3 Main Street in Miramar for $161 million. Last month, Morgan Properties paid $70 million for the 300-unit Visions at Willow Pond complex at 4860 Sand Stone Lane in unincorporated Palm Beach County.
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