Maxx Properties Acquires 250-Unit South Florida Complex in $70M Deal

Maxx Properties has successfully closed on the acquisition of a 250-unit multifamily complex in Plantation, Florida, for $70 million. The newly renamed Ellery apartment community, located at 6901 W. Sunrise Blvd., was sold by a Bell Partners fund in a transaction that highlights the continued institutional appetite for residential assets in the booming South Florida corridor.

Key Details

The transaction involved several prominent players in the commercial real estate sector. Maxx Properties purchased the asset from a fund managed by Bell Partners, subsequently rebranding the property from "Bell at Plantation" to "The Ellery."

To facilitate the deal, CBRE Multifamily Capital provided a $55.1 million mortgage to the acquiring firm. This financing structure covers roughly 78.7% of the $70 million purchase price, representing a substantial but standardized leverage ratio for stabilized multifamily assets in the current economic climate.

According to Connect CRE, the property previously changed hands for $67.25 million. This pricing history indicates that the seller realized a modest gross premium of $2.75 million over the prior acquisition cost, though exact net returns are dependent on capital expenditures and operational costs incurred during Bell Partners' hold period.

Market Context

The $70 million sale of The Ellery provides a clear data point for South Florida's multifamily sector, showing an approximate 4% gross appreciation in asset value since the prior trade. The transaction occurs against a backdrop of sustained population growth and corporate relocations driving demand in Broward County.

For CRE professionals, the $280,000 per-unit price point reflects the premium placed on well-located residential properties in the Plantation submarket, which remains a highly attractive live-work-play environment just west of Fort Lauderdale. The execution of a $55.1 million loan by a major capital markets institution like CBRE indicates that debt markets remain highly active for quality multifamily assets, despite broader macroeconomic headwinds. The property's location on West Sunrise Boulevard offers residents direct connectivity to major employment hubs, retail centers, and highway infrastructure, factors that likely contributed to the buyer's long-term investment thesis.

While the gross profit margin for the seller was relatively slim compared to the rapid price appreciation seen during the height of the pandemic, the deal demonstrates that profitable exits remain achievable in secondary coastal markets. As institutional groups like Maxx Properties continue to deploy capital into the region, market participants should expect transaction velocity to remain steady, with asset preservation and yield optimization taking precedence over aggressive value-add speculation.