Bell Partners Acquires Apartments in Raleigh for $46.8M, Sells in Chapel Hill

Apartment investment and management company Bell Partners Inc. of Greensboro has recently purchased The Woodlands at Wakefield Plantation, a 360-unit multi-family community in north Raleigh, which it renamed Bell Wakefield. According to the Triangle Business Journal, an entity managed by Altman Development Corp. of Boca Raton, Fla. sold the property for $46.8 million.

by Adriana Pop, Associate Editor

Apartment investment and management company Bell Partners Inc. of Greensboro recently purchased The Woodlands at Wakefield Plantation, a 360-unit multi-family community in north Raleigh, which it renamed Bell Wakefield. According to the Triangle Business Journal, an entity managed by Altman Development Corp. of Boca Raton, Fla. sold the property for $46.8 million.

Open since 1999, the garden-style apartment complex is conveniently located near the Falls River Shopping Center. The property offers a variety of amenities, including a clubhouse, fitness center, business center, resort-style pool with Wi-Fi access and poolside gazebo, as well as an indoor basketball court.   

The Triangle Business Journal also reports that, in another recent transaction, Bell Partners has sold its share in the 258-unit Bell Meadowmont apartment community in Chapel Hill for $49 million or approximately $189,922 per unit.

As part of the transaction, the buyer, an affiliate of the Nicol Investment Co., will assume a $28.5 million loan on the property. Bell Partners acquired the property in 2010 for $37 million.

Open since 2001, Bell Meadowmont offers easy access to Duke University, Research Triangle Park, or The Streets at Southpoint. Amenities include a swimming pool with sun deck, fitness center, business center, an outdoor grilling area, as well as a pet park. Rents range from $1,290 for a one-bedroom unit to $1,935 for a three-bedroom unit.

Founded more than 35 years ago, Bell Partners is one of the country’s leading apartment investment and management companies. It now owns or operates 248 apartment properties, with over 69,000 apartments, located generally along the East coast and Southwest. According to the National Multi-Housing Council, the company ranks as the 7th largest apartment operator in the United States.

Bell Partners has also been named one of the Triad region’s best workplaces.

MHN interview with Kevin Thompson, the company’s senior vice president of marketing.

Photo credits: www.bellapartmentliving.com