TA Realty Buys South Florida Apartment Complex for $118M
By Julia Echikson January 29, 2025 5:49 pm
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TA Realty dropped $118 million for a multifamily property in Pembroke Pines, Fla., property records show.
The 19-acre property, called Bell Pembroke Pines, holds 300 apartments at 16700 Sheridan Street, a mile west of Interstate 75 and four miles from Everglades National Park. The sale breaks down to just over $393,300 per unit.
The seller, Atlanta-based Bell Partners, purchased the 345,423-square-foot complex for $91 million in 2018, three years after its completion, according to property records. Representatives for TA Realty and Bell Partners did not immediately respond to requests for comment.
Bell Pembroke Pines features apartments ranging from 806-square-foot one-bedrooms to 1,409-square-foot three-bedrooms. Amenities at the sprawling gated community include a clubhouse, a dog park, a business center, a pool, a fitness studio and spas for both humans and pets.
Despite the sale, Bell Partners has been on a shopping spree in South Florida in recent months, having paid $78 million for a 228-unit in Kendall and $121 million for a 349-unit property in Miramar.
TA Realty, too, has remained active, though mostly in the industrial space. Earlier this month, it paid $84 million for two warehouses in Miami-Dade County. In December, the Boston-based investor bought a four-building complex near the Miami-Opa Locka Executive Airport for $160 million.
In one of the largest industrial deals in South Florida three years ago, TA Realty paid $241 million for a 12-building industrial park in Medley.
Julia Echikson can be reached at jechikson@commercialobserver.com.