South Florida Community Trades for $59M

Bell Partners acquired Overlook Pointe, a 249-unit, Class A apartment asset located less than 5 miles from downtown Boca Raton.
Overlook Pointe. Image courtesy of JLL

Bell Partners has acquired Overlook Pointe, a 249-unit apartment community in Pompano Beach, Fla., from M-M Properties. The apartment investment and management firm paid $58.5 million for the Class A asset, which has been renamed Bell Lighthouse Point, according to Yardi Matrix data.

Built in 2015, the property at 4611 N. Federal Highway consists of one six-story residential building and an attached six-story parking deck with 364 spaces. Units range in size from one to three bedrooms. Community amenities include a clubhouse, pool, grilling stations and valet dry clean service.

The Broward County property has easy access to Interstate 95 and is located less than 5 miles south of Boca Raton and 13 miles north of downtown Fort Lauderdale. A JLL Capital Markets team including Senior Managing Director Travis Anderson, Managing Directors Roger Edwards and Elliott Throne and Senior Director Cory Fowler worked on behalf of Bell Partners to secure a $40.1 million acquisition loan through PNC Real Estate.

Bell Partners last month picked up a 148-unit apartment property in Salem, Mass., which has been renamed Bell North Shore. The Boston-area community was acquired for $52.2 million, according to Yardi Matrix.