B
ell Partners has acquired a 228-unit apartment complex in Kendall West for $78.5 million, marking its second investment in South Florida's multifamily market this month. The Greensboro-based firm purchased the community at 8485 Hammocks Boulevard from Los Angeles County Employees Retirement Association (Lacera), which was managed by San Francisco-based Stockbridge Capital Group. The deal translates to $344,298 per unit and includes assuming Lacera's outstanding loan balance of $26.6 million with Prudential Insurance Company of America.

    The complex, rebranded as Bell Kendall West from Bridges at Kendall Place, features seven three-story buildings completed in 2012 on a 15.8-acre site. It offers one- to three-bedroom apartments with monthly rents ranging from $2,145 to $3,214. Lacera initially acquired the property for $52.7 million in 2016.

    Bell Partners' acquisition comes after its recent purchase of the 349-unit Bell Miramar Place apartment complex in Miramar for $121.3 million. The firm plans upgrades to apartments and common areas, citing South Florida's favorable long-term fundamentals. Bell Partners used its value-add fund VIII to acquire both properties, which closed last year with $1.3 billion in equity.

    South Florida's multifamily market has seen a pickup in investment sales recently, despite elevated interest rates slowing deals over the past two years. Buyers have been using discretionary funds and assuming sellers' loans or relying on Freddie Mac or Fannie Mae financing to secure favorable terms. Recent transactions include Kushner Companies' $190 million purchase of the Hamilton at 555 Northeast 34th Street in Miami's Edgewater neighborhood, as well as Grand Peaks' $90.9 million acquisition of The Seven at West Boca apartment complex.