MultifamilyClosedacquisition

The Ellery

6901 West Sunrise Boulevard, Plantation, FL·Apr 1, 2026, 1:23 AM

Deal Size

$70.0M

Cap Rate

Est. 6.27%

$/SF

$233

$/Unit

$280,000

Occupancy

—

Market SignalNeutral (weak/10)

The Ellery's acquisition price of $70 million, translating to $280,000 per unit, is slightly above the price Bell Partners paid in 2018. However, without a disclosed cap rate or occupancy data, it's challenging to assess the immediate yield. The South Florida market remains strong, but the lack of detailed financial metrics and tenant information suggests a cautious approach until more data is available. The deal's pricing aligns with recent market trends, but further due diligence is necessary to confirm value-add potential or rent growth prospects.

Buyer Strategy

Maxx Properties appears to be pursuing a core-plus strategy, focusing on stable assets with potential for moderate value enhancement. Their acquisition of The Ellery suggests confidence in the South Florida market's long-term fundamentals.

Seller Motivation

Bell Partners may be rebalancing their portfolio or capitalizing on market appreciation since their 2018 purchase. The sale aligns with typical fund lifecycle management practices.

Market Signal

This transaction underscores the ongoing attractiveness of South Florida's multifamily market to institutional investors. Pricing appears to reflect pre-COVID levels, indicating a robust recovery and sustained investor confidence in the region's growth prospects.

Parties

BuyerMaxx Properties →

SellerBell Partners →

Location Analysis

Primary Market

Major employers in the region include American Express, Motorola Solutions, and Plantation General Hospital, contributing to a stable employment base.

South Florida, particularly the Plantation area, has experienced robust population growth driven by migration from higher-cost regions. The area benefits from a diverse economy and favorable climate, attracting both retirees and young professionals.

The Plantation submarket is competitive, with several multifamily properties offering similar amenities. Recent transactions suggest a healthy demand for well-located assets, though specific competing assets were not detailed in the sources.

The source does not provide specific data on new developments in the Plantation area. However, the broader South Florida market is seeing increased multifamily development, which could impact future supply-demand dynamics.

Tenant Assessment

Mixed

Executive Signals

“This opportunity will extend Bell's operating and investment expertise across a larger residential platform and strengthen our depth and reach.”

Lili Dunn·Bell Partners·bullish

“We were hoping to deliver growth in margin into 2027, but with what’s happening in the Middle East and the prospect of higher interest rates, that looks quite optimistic.”

Jason Honeyman·Bellway·bearish

“I will go out and I will meet with the seller. Right? We will tour the property. We'll have conversations, you know, over the phone, or with our brokers or maybe it's just me and the seller directly g...”

Tyler Cabell·Cabell Group·neutral

Market Comparables

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