Bell Partners Inc., one of the nation's leading apartment investment and management companies, today announced that it has acquired The Cade and The Lumin, two apartment communities in Boca Raton, Fla., on behalf of its Fund VII investors. The two adjacent properties will be merged into a single community to form Bell at Broken Sound, which will be the 8th community Bell Partners owns in South Florida.
Bell at Broken Sound is situated within the Park at Broken Sound, a 700-acre commercial, residential and hospitality hub. Companies such as ADT and Office Depot maintain their headquarters close to Bell at Broken Sound, and the community is also situated near a cluster of universities and hospitals, such as Florida Atlantic University, Boca Raton Regional Hospital and Delray Medical Center. Both properties that comprise Bell at Broken Sound were built in the past two years: The Lumin in 2018, and The Cade in 2019.
"Boca Raton is not only one of the leading employment centers in South Florida, but also provides Bell at Broken Sound residents access to excellent retail amenities and highly rated schools," said Kary Nordholz, Senior Vice President of Investments at Bell Partners. "Bell at Broken Sound is situated in the heart of Boca Raton's employment corridor and less than 1.5 miles from I-95, providing easy access to many of South Florida's most desirable employment nodes. By combining the property operations, we expect to be able to achieve meaningful expense savings, which will allow us to increase NOI and create value for our investors. Furthermore, the spacious units, desirable amenities and high-quality modern features make Bell at Broken Sound well-suited for today's work from home lifestyle."
Bell at Broken Sound has a mix of 180 apartments and 90 rental townhomes. Each unit at Bell at Broken Sound has a private entry, energy-efficient appliances, and modern finishes including white quartz countertops and wood-finished vinyl floors. All units have in-unit washers and dryers, and select units have private direct-access garages. Community amenities at Bell at Broken Sound include two resort-style swimming pools, two 24-hour fitness centers, and a lounge equipped with two conference rooms. Bell Partners closely follows guidelines from local, state and federal health authorities regarding the operation and cleanliness of community amenities.
About Bell Partners Inc. Established in 1976, Bell Partners Inc. ("Bell Partners" or the "Company") is a privately held, vertically integrated apartment investment and management company focused on high-quality multifamily communities throughout the United States. With approximately 63,000 units under management, Bell Partners is one of the largest apartment operators and renovators in the United States. The Company has over 1,500 associates and eight offices (including its headquarters in Greensboro, N.C.) and offers an extensive and full-service platform containing expertise in acquisitions and dispositions, construction, financing, property operations, accounting, risk management and all other related support functions. Bell Partners is led by a senior management team with an average of over 20 years of experience that has invested throughout all phases of the real estate cycle and has helped the Company complete over $16 billion of apartment transactions since 2002, including nearly $1 billion in 2019 transactions. For more information, visit our website at www.bellpartnersinc.com.
