Bell Partners Sells 249-Unit Development in Pompano Beach, Fla.

The owner of a 249-unit apartment community in Pompano Beach, Fla., has unloaded the asset for $60.9 million.

Advenir Azora of Aventura, Fla., acquired the development at 4611 North Federal Highway from a subsidiary of Bell Partners of Greensboro, N.C. The multifamily property is 95 percent leased.

The complex previously sold in 2019 for $58.5 million, according to property records.

JLL Capital Markets announced the deal Thursday after it secured $53.3 million in financing for the acquisition of what is now renamed as Advenir at Lighthouse Point. The five-year, fixed-rate loan was issued by Freddie Mac.

Built in 2015, the six-story building has one-, two- and three-bedroom apartments averaging 887 square feet. Community amenities include a rooftop lounge, a resort-style pool, a 24-hour fitness studio and a parking garage. 

“We see this as an exciting opportunity to continue to expand our South Florida footprint within the growing Pompano Beach submarket,” Matthew Zaverucha, partner of investments at Advenir Azora, said in a statement. “The area’s strong demographic trends, ongoing coastal redevelopment, and constrained new supply create an ideal environment for high-quality multifamily investment.”

The JLL Capital Markets’ Debt Advisory team representing the borrower was led by managing director Jesse Wright, associate J.J. Hovenden and analyst Luke Maganas.

Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.