Advenir has acquired the 249-unit Bell Lighthouse Point apartment building in Pompano Beach for $60.9 million, according to property records and data from Vizzda. The six-story property, located at 4611 North Federal Highway, was purchased from Bell Partners of Greensboro, North Carolina.
As part of the transaction, Advenir assumed the seller’s outstanding loan balance of $37.6 million and amended it to a $53.3 million Freddie Mac loan. The building was completed in 2015 on a 5.3-acre site and offers one- to three-bedroom apartments. Sale details indicate a price of about $244,578 per unit.
Bell Partners, led by Lili F. Dunn, previously bought the property in 2019 for $58.5 million.
Advenir is led by Stephen L. Vecchitto and David Vecchitto and specializes in multifamily and single-family rentals as a developer, investor, and manager. Since its founding in 1996, Advenir 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 for $117.9 million to West Shore.
The South Florida multifamily market has slowed after several years of rapid growth driven by new residents moving into the region and strong rent increases. Developers delivered a record number of new apartments last year—18,600 units—exceeding net new leases by more than 3,000 units based on CoStar Group data (https://www.costargroup.com/). This oversupply has led to slower leasing activity and more concessions for tenants; Bell Lighthouse Point recently advertised a $99 move-in special.
Despite higher interest rates impacting the market overall, investment sales activity has increased over the past year as buyers assume existing debt or turn to agency loans such as those offered by Freddie Mac or Fannie Mae.
Bell Partners’ sale of Bell Lighthouse Point marks its second South Florida disposition in recent months; last month it sold Bell at Broken Sound Apartments in Boca Raton for $124.5 million to Tishman Speyer.
Other recent transactions include Pantzer Properties’ purchase of an eight-story apartment building in Miramar for $161 million this month and Morgan Properties’ acquisition last month of Visions at Willow Pond in Palm Beach County for $70 million.
