Maxx Properties has scooped up a 250-unit apartment community in Plantation and rolled out a fresh identity for it: The Ellery. The Class A complex, finished in 2018 and formerly marketed as Bell at Plantation, is slated for new investment in amenities, common areas and select unit interiors as the new owner takes the reins. The off-market deal adds to the New York based firm’s South Florida presence at a time when investors are still chasing stabilized multifamily assets across the region.
Deal details and the asset
The acquisition came together off market and includes a mix of one, two and three bedroom homes spread across multiple buildings, according to CityBiz. The outlet reports that the community is a Class A property built in 2018, with resort-style amenity areas that Maxx plans to refresh rather than reinvent.
“This acquisition reflects our continued focus on high-quality communities in strong submarkets where we can create long-term value through hands-on ownership and operational expertise,” Adam Fruitbine said in comments reported by CityBiz.
Price and financing
Public records reviewed by industry trackers show the sale closed for about $70 million, or roughly $280,000 per unit, and was financed in part with a roughly $55.1 million Fannie Mae loan arranged through CBRE Multifamily Capital, according to Bisnow. CBRE brokers represented the seller on the transaction and helped line up the loan.
Owner plans upgrades
MAXX Properties says it will put additional capital into the property’s amenity spaces, common areas and select unit interiors while rolling out technology upgrades as part of the rebrand and shift to in-house management. The company’s page for The Ellery calls out its resort-style pool with cabanas, fitness and yoga spaces, on-site movie theater and enclosed dog park as headline features, and Maxx lists those areas as priorities for improvement. MAXX Properties lays out those resident amenities on its leasing site.
Where this fits in South Florida
The purchase slots into a broader trend of buyers targeting well-located, stabilized apartments in South Florida even as a wave of new deliveries has cooled rent growth and slowed lease-ups in parts of the tri-county area. Reporting from The Real Deal notes that heavier recent completions have softened some leasing fundamentals, yet investors are still stepping up for high-quality Class A communities where they see operational upside.
Brokerage materials, public-record listings and commercial deal databases reviewed by industry services show buyer entities tied to Maxx Properties and a seller affiliate of Bell Partners, with transaction summaries logged across multiple platforms. Traded and other market trackers display the deal terms, and Maxx indicates in its property materials that residents should start to see phased upgrades roll out over the coming months.
