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 six-story property, located at 4611 North Federal Highway, was bought from Bell Partners, a firm based in Greensboro, North Carolina. According to public records and real estate database Vizzda, Advenir assumed an existing $37.6 million loan from the seller and amended it to a $53.3 million Freddie Mac loan.
Bell Lighthouse Point was completed in 2015 on a 5.3-acre site and offers one- to three-bedroom apartments. The transaction values each apartment at approximately $244,578. Bell Partners had previously purchased the building for $58.5 million in 2019.
Advenir is led by Stephen L. Vecchitto and David Vecchitto and specializes in developing, investing in, and managing multifamily and single-family rental properties. Since its founding in 1996, the company has owned and managed more than 30,000 units with a current portfolio valued at $2.9 billion.
This acquisition follows Advenir’s recent sale of Palm Beach Gardens Apartments—a 542-unit complex—for $117.9 million to West Shore.
South Florida’s multifamily market has slowed compared to previous years when there was strong demand from new residents leading to rapid rent increases and significant development activity. Developers delivered about 18,600 new units last year while only about 15,000 net new leases were signed, according to CoStar Group data (https://www.costargroup.com/). This oversupply has led to slower lease-ups and more incentives for tenants; for example, Bell Lighthouse Point recently advertised a $99 “move-in special.”
Despite higher interest rates affecting financing conditions, investment sales have risen over the past year as buyers often assume sellers’ debt or secure loans from Freddie Mac, Fannie Mae, or insurance companies.
The sale of Bell Lighthouse Point is at least the second property that Bell Partners has sold in South Florida within two months. Last month it sold the 270-unit Bell at Broken Sound Apartments in Boca Raton for $124.5 million to Tishman Speyer.
Other recent transactions include Pantzer Properties purchasing a Miramar apartment building for $161 million this month and Morgan Properties acquiring Visions at Willow Pond near Palm Beach County for $70 million last month.
