Bell Partners through one of its funds is acquiring an apartment and townhome community in Miramar, Florida for $121.3 million, according to a report from the South Florida Business Journal.
As part of the deal, the property, Horizon at Miramar, is getting renamed to Bell Miramar Place. The sale of the 349 apartments from Blackstone's LivCor multifamily subsidiary, comes in at $347,564 per unit.
The purchase is being acquired courtesy of the Bell Value-Add Fund VIII Miramar. Plus, Bell is taking a $76.8 million mortgage from Walker & Dunlop.
The units at Bell Miramar feature dens, and attached garages. Also, the townhomes are three stories. Bell intends to renovate the apartments and "common" areas to improve the experience for residents, according to a statement from the company.
In addition, the asset management firm simultaneously announced the acquisition of another apartment community, Bell Westchase, which is located in Tampa. It presents a garden offering that features 218 units. The terms for this asset were not disclosed.
The two properties add to the North Carolina-based firm's national portfolio, which exceeds 85,000 units. Also, Bell now operates roughly 11,500 apartment homes in The Sunshine State.
“Florida’s long-term fundmentals remain intact, with a favorable business environment and attractive lifestyle amenities supporting in-migration and renter demand,” Nickolay Bochilo, chief investment officer of Bell, said in a statement.
“Bell Westchase provides a stable performance history in a location with attractive growth prospects. At Bell Miramar Place we believe the upgrades being planned for individual apartment homes and common areas will deliver a superior living experience for our current and future residents.”
While Florida has benefited from the post-Covid migration — multifamily operators have felt the pain in the state with the high supply. A CBRE third-quarter market analysis report found that year-over-year rents dropped in the Southeast, South Central and Mountain regions. Notably, Austin, Jacksonville, and Raleigh saw declines between 4.7% and 8.1%, respectively.