Today is the 31st of March, 2026, and significant movements in the South Florida real estate market are making headlines. One of the latest developments is the sale of The Ellery, a 250-unit multifamily complex located in Plantation, Florida. This property was sold by Bell Partners for an impressive $70 million, marking a 4.1% increase from its original purchase price six years ago.
The buyer, Maxx Properties, hails from New York and acquired The Ellery for around $280,000 per apartment. This deal was backed by a substantial $55.1 million Fannie Mae loan, showcasing the financial confidence in the multifamily sector. The Ellery, completed in 2017, features a mix of three-story and five-story buildings spread across an 11.8-acre site, offering various apartment types from one-bedroom to three-bedroom options. Monthly rents for these units range from $1,980 to $2,779.
Market Insights
Maxx Properties is no stranger to the multifamily landscape, boasting a portfolio that includes approximately 39 complexes with over 9,000 units across seven states, along with more than 1,000 cooperative units in New York. Key figures at Maxx Properties include Eric “Rick” Wiener (chairman), Andrew Wiener (vice chairman), and David Wiener (director). The company has been active in the market, having recently acquired a 145-unit apartment complex in Wilton Manors for $46.6 million in 2024, and selling three complexes for a total of $82 million in 2022.
However, the multifamily market in South Florida has shown signs of slowing down. High completions and record deliveries anticipated for 2024 are contributing to slower lease-ups and a noticeable drop in rents. The average asking monthly rent in the region has decreased to $2,235, reflecting a 3.3% decline year-over-year. In the first quarter, apartment investment sales in the tri-county area totaled about $750 million, a stark drop from $1 billion during the same period last year. Recent transactions highlight this trend, including Griffis Residential’s purchase of a 263-unit complex in West Palm Beach for $78.5 million and Dermot Company’s acquisition of a 340-unit complex in Palm Beach Gardens for $131.8 million.
Looking Ahead
As the landscape continues to evolve, it will be interesting to see how these market dynamics play out. The developments at The Ellery, alongside other transactions, reflect the ongoing shifts in both demand and pricing within South Florida’s multifamily market. For more information on this recent sale and its implications, check out the detailed report from The Real Deal.
The multifamily sector is a vital part of Florida’s real estate narrative, and understanding these trends is crucial for investors, renters, and homeowners alike. As we move further into 2026, keeping an eye on rental prices and investment activity will be key to navigating this shifting landscape.