Bluerock Residential Growth REIT Sells Boca Raton Apartment Community
November 4, 2020 | The Real Deal
An apartment investment and management company bought a pair of multifamily complexes in Boca Raton for a combined $94.25 million.
An affiliate of Greensboro, North Carolina-based Bell Partners, led by CEO Jon Bell, bought the complexes at 5500 Broken Sound Boulevard and 950 Northwest Broken Sound Parkway, according to records. Built in 2018, the two complexes are within a mile of each other.
Bluerock Residential Growth REIT sold the 90-unit apartment community at 950 Northwest Broken Sound Boulevard for $37.75 million, or about $419,000 a unit. Bluerock, which is based in New York and led by CEO Ramin Kamfar, bought the land in 2016 for $4 million.
Mainstreet Capital Partners sold the 180-unit community at 5500 Broken Sound Boulevard for $56.5 million, or about $314,000 a unit. Mainstreet, which is based in Fort Lauderdale and led by managing partner Paul Kilgallon, bought the land in 2015 for $8.5 million, records show.
