Members of the social club in bayside Melbourne overwhelmingly supported the merger proposal put forward by the Demons, with 98 per cent in favour.
Only 28 of the 1232 votes were against the proposal.
The merger is expected to bring an extra $9 million to Melbourne's balance sheet.
Melbourne president Jim Stynes said the merger would benefit all involved.
"We believe we have rebuilt Melbourne off the back of inclusiveness and a strong respect for heritage and we will seek to rebuild the Bentleigh Club on the same basis," Stynes said in a statement released by the Demons.
"This strengthening of the balance sheet creates the potential for further strategic investment, as we continue to explore all avenues to grow the club."
The assets will be offset by taking over $1.8 million of debt and $1.2 million in gaming machine entitlement obligations.
The net improvement on the balance sheet will be at least $6 million.
The club believes the Bentleigh Club is the first real asset Melbourne has owned.
Stynes said the Demons could operate the Bentleigh Club at close to break-even level until changes are made to Victoria's gaming regime in August 2012.
"It is important to point out that the projections we have done for our gaming operations indicate that the debt assumed under the merger can be repaid from the profits of the venues - not from any other activities of the club," he said.
"This was a key criteria in our decision making - the debt taken on had to be able to be repaid from gaming operations, so that the rest of the core operations of the club remain debt free."
The merger was originally proposed to members of the Bentleigh Club in July 2010, after discussions with its board.
Melbourne will assume control of the Bentleigh Club in the coming months.
Luke Holmesby covers Melbourne news for afl.com.au. Follow him on Twitter: @AFL_LHolmesby
