Bell Partners Inc., one of the nation’s leading apartment investment and management companies, today announced it has acquired a portfolio of four apartment communities totaling 846 apartment homes located in four of its target markets. The total purchase price was $313 million. The portfolio was purchased on behalf of Bell Apartment Fund VII investors. The four properties acquired include Sidney at Morningside, located in Atlanta, GA (to be renamed Bell Morningside); Residences at Starwood, located in Frisco, TX (to be renamed Bell Starwood); Touchstone Apartments, located in Broomfield, CO (to be renamed Bell Broomfield); and Montecito Apartments, located in Santa Clarita, CA (to be renamed Bell Valencia).
“We are excited to acquire a portfolio of high-quality, differentiated properties located in submarkets with healthy supply and demand fundamentals,” said Nickolay Bochilo, EVP of Investments at Bell Partners. “At a time of increased turbulence in the capital markets, this portfolio fits our long-term strategy of pursuing investments in our target markets where we can leverage our local experience and extensive operating platform to enhance performance, using disciplined underwriting to reflect current and projected market conditions.”
About Bell Partners Inc.
Established in 1976, Bell Partners Inc. (“Bell Partners” or the “Company”) is a privately held, vertically integrated apartment investment and management company focused on high-quality multifamily rental communities throughout the United States. With approximately 75,000 units under management, Bell Partners is one of the largest apartment operators and renovators in the United States. Including its headquarters in Greensboro, N.C., the Company has almost 2,000 associates and twelve offices and offers an extensive and full-service platform containing expertise in acquisitions and dispositions, construction, financing, property operations, accounting, risk management, and all other related support functions. Bell Partners is led by a senior management team with an average of 25 years of industry experience that has invested throughout all phases of the real estate cycle and has helped the Company complete over $22 billion of apartment transactions since 2002. For more information, visit www.bellpartnersinc.com.
Contact:
John Perilli
Prosek Partners for Bell Partners Inc.
(401) 316-3375
jperilli@prosek.com