Advenir has acquired the Bell Lighthouse Point, a 249-unit apartment building in Pompano Beach, for $60.9 million. The purchase comes during a period of increased multifamily investment activity in South Florida.
The property, located at 4611 North Federal Highway, was sold by Bell Partners, based in Greensboro, North Carolina. Advenir assumed the seller’s existing $37.6 million loan and modified it to a $53.3 million Freddie Mac loan. The six-story building was completed in 2015 on a 5.3-acre site and offers one- to three-bedroom apartments.
Bell Partners originally bought the property for $58.5 million in 2019. The sale price represents approximately $244,578 per unit.
Advenir is led by Stephen L. Vecchitto and David Vecchitto and specializes in both multifamily and single-family rental properties as a developer, investor, and manager. Since its founding in 1996, the company has managed more than 30,000 units with a current portfolio valued at $2.9 billion.
This transaction follows Advenir’s recent sale of the Palm Beach Gardens Apartments complex for $117.9 million to West Shore.
The South Florida multifamily market has seen a slowdown after several years of strong demand and record rent growth fueled by new residents moving into the area from other states. Developers responded with an increase in construction activity that resulted in a record delivery of 18,600 new units last year—outpacing net new leases—which led to higher vacancy rates and more concessions offered to tenants.
Despite elevated interest rates affecting financing options, investment sales have increased over the past year as buyers often assume sellers’ debt or turn to government-backed loans such as those from Freddie Mac or Fannie Mae.
Bell Partners’ sale of Bell Lighthouse Point is part of an ongoing trend; last month it also sold another South Florida property—the Bell at Broken Sound Apartments—for $124.5 million to Tishman Speyer.
Other recent transactions include Pantzer Properties purchasing an eight-story apartment building in Miramar for $161 million this month and Morgan Properties acquiring Visions at Willow Pond for $70 million last month.
