Apartment Complex Sells for $33.3 Million; Car Country Club in Development for Huntersville
- Mar 30, 2012
Greensboro-based Bell Partners Inc. has recently acquired the residential piece of Morrison at SouthPark Apartments from Washington-based Madison Marquette for $33.3 million.
Since its acquisition, the 214-unit apartment complex at Sharon and Colony Roads has been renamed Bell Morrison. According to a Charlotte Business Journal report, property management for the seven-story apartment complex will be assumed by Bell Partners through the Bell Apartment Living division.
The company plans to renovate the apartments and upgrade several amenities. Currently available amenities include a club house, 24-hour fitness center, pool, courtyard, designer kitchens and washer and dryer units.
The apartment complex was part of the larger Morrison mixed-use development that includes approximately 130,000 square feet of retail space and 121 condominiums. Morrison was developed by Grubb Properties Inc. in partnership with Casto Lifestyle Partners. The first phase of the project opened in 2006. Grubb Properties sold its ownership stake in 2010 to Madison Marquette.
Founded in 1976, Bell Partners is a private real estate company focused on the acquisition and management of apartment communities in the Mid-Atlantic, Southeast and Southwest United States. Bell ranks 10th on the National Multi-Housing Council’s list of largest apartment operators, with a management portfolio of around 60,000. In the Charlotte region, Bell owns a total of 19 apartment communities.
In other regional news, a $15 million car country club is in the early phases of development in Huntersville. The Automotive Country Club will be built on a 27 acre lot on Sam Furr Road and will feature ten 20,000-square-foot buildings, each encompassing 18 garage condos with surfaces ranging between 576 and 1,920 square feet. All condos will have the option of being outfitted with finished living areas, kitchens and baths. Prices will be between $59,900 and $199,900.
Residents will not be able to permanently reside in their condos—there will be a limit of 30 days per year. However, members will be able to enjoy regularly scheduled exclusive events at the 4,000-square-foot clubhouse. Co-owners Paul Lange and Ed Bongart await a town board zoning adjustment to accommodate their project to the area.
Photo credit: Bell Morrison Apartments’ Facebook page