{"id":216715,"date":"2026-04-02T22:53:13","date_gmt":"2026-04-02T22:53:13","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/216715\/"},"modified":"2026-04-02T22:53:13","modified_gmt":"2026-04-02T22:53:13","slug":"bell-partners-sells-plantation-apartments-to-maxx-properties","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/216715\/","title":{"rendered":"Bell Partners Sells Plantation Apartments to Maxx Properties"},"content":{"rendered":"

Bell Partners sold a 250-unit multifamily complex in Plantation for $70 million, marking a 4.1 percent gain from its purchase price six years ago.\u00a0<\/p>\n

Greensboro, North Carolina-based Bell Partners sold The Ellery, at 6901 West Sunrise Boulevard, to New York-based Maxx Properties for $280,000 per apartment, according to records and real estate database Vizzda.\u00a0<\/p>\n

The deal marked at least the second major South Florida multifamily purchase by Maxx Properties since 2024. The firm financed The Ellery deal with a $55.1 million Fannie Mae loan.\u00a0<\/p>\n

Completed in 2017, The Ellery consists of three three-story buildings and three five-story buildings on an 11.8-acre site, Vizzda records show. It has one-bedroom to three-bedroom apartments, with monthly rents ranging from $1,980 to $2,779, Apartments.com shows.\u00a0<\/p>\n

Bell Partners, led by CEO Lili F. Dunn, bought the complex for $67.2 million<\/a> in 2018 from the developer, Alliance Residential<\/a>.\u00a0<\/p>\n

Maxx Properties, led by fourth generation members of the Wiener family, is a multifamily investor with a portfolio of roughly 39 complexes with over 9,000 units across seven states and an additional 1,000-plus cooperative units in New York, according to its website. Eric \u201cRick\u201d Wiener is chairman, with Andrew Wiener serving as vice chairman and David Wiener as director.\u00a0<\/p>\n

In 2024, the firm paid $46.6 million<\/a> for a 145-unit apartment complex in Wilton Manors. Maxx affiliates sold a trio of complexes in North Miami Beach, Coral Springs and David in 2022 for a combined $82 million<\/a> to a partnership among Mavik Capital Management, Triangle Capital Group and Corinthian Capital Real Estate Partners.\u00a0<\/p>\n

South Florida\u2019s multifamily market has slowed due to hefty completions in recent years, including record deliveries in 2024, leading to slower lease-ups, more concessions and a drop in rents. Realtor.com\u2019s February report shows the average asking monthly rent dropped to $2,235, a 3.3 percent decrease year-over-year.\u00a0<\/p>\n

In the first quarter, apartment investment sales in the tri-county region total about $750 million, down from $1 billion during the same period last year but more than the $410.4 million in the first quarter of 2024, according to data provided by CoStar Group.\u00a0<\/p>\n

In recent trades, Griffis Residential bought the 263-unit complex at 805 North Olive Avenue in West Palm Beach for $78.5 million<\/a>, and Dermot Company paid $131.8 million<\/a> for the 340-unit Quaye at Palm Beach Gardens at 10000 South Gardens Drive this month.\u00a0<\/p>\n

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Griffis, MAP scoop up South Florida apartment properties \u2013 one trading at a discount<\/p>\n

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Multifamily bargain: IMC Equity scoops up Princeton complex at 24% discount<\/p>\n

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Pacific Northwest buyers drop $51M on affordable Weston apartments<\/p>\n

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