Bell Partners Adds Pompano Beach Apartment Property in $59M Deal
Bell Partners will manage the Broward County property that is located in the growing job and housing markets of Fort Lauderdale and Boca Raton.
POMPANO BEACH, FL—Bell Partners has acquired the former Overlook Pointe apartment community here in a deal reportedly valued at $58.5 million. The Greensboro, NC-based firm has since renamed the 249-unit property “Bell Lighthouse Pointe.”
Bell Partners will manage the Broward County property that is located in the growing job and housing markets of Fort Lauderdale and Boca Raton and 2.5 miles from the beach. The community is on North Federal Highway, with access to employment hubs in Broward and Palm Beach counties. In addition, the property is situated close to a cluster of retail shopping and dining at Las Olas Boulevard, Galleria Mall and Mizner Park. The complex is also less than 30 minutes away from Fort Lauderdale-Hollywood International Airport.
“Greater Fort Lauderdale is experiencing strong population growth and an expansion of job opportunities, making the area highly attractive to both residents and investors,” says Kary Nordholz, SVP of investments at Bell Partners. “The region’s strong economic development is driven by its favorable business and tax climate as well as the high quality of life it offers residents. This growth has led to higher demand for multifamily housing, and Bell Partners continues to identify investment opportunities in this business hub of South Florida.”
Multiple published reports state that the property sold for approximately $58.5 million. The South Florida Business Journal reported M-M Properties of Houston was the seller.
JLL arranged financing for Overlook Pointe. JLL worked on behalf of the borrower, Bell Partners, to secure the acquisition loan through PNC Real Estate. The JLL Capital Markets team representing the borrower included senior managing director Travis Anderson, managing directors Roger Edwards and Elliott Throne and senior director Cory Fowler.
Bell Lighthouse Pointe offers one, two- and three-bedroom apartments with stainless steel appliances, granite countertops, and washer/dryer in each home. Community amenities include resort-style swimming pool, a BBQ area with grills, a fitness center, free Wi-Fi in common areas and a coffee bar exclusive to residents. The property also has a six-story parking garage with 413 spaces.