Bell Partners Acquires Lancaster, White Buffalo Community in Fort Worth
- Oct 24, 2014
By Liviu Oltean, Associate Editor
Bell Partners Inc., the nation’s seventh-largest apartment renovator and 12th largest apartment operator, recently announced that it closed on behalf of its investors on Lancaster and White Buffalo, a 316-unit community in Fort Worth. According to the company’s official statement, the community will be managed by Bell and it will be renamed Bell Lancaster.
Located in the West Seventh District of Fort Worth, the community offers various opportunities due to its proximity to shopping and recreational areas and various business hubs. Completed just last year, Lancaster finished lease-up in the second quarter of 2014 and at the time of the closing had a 93 percent occupancy rate.
“We seek to make investments in properties with attractive rent growth prospects; this often involves areas that are undergoing rapid transformation, leading to better population growth and demand for rental housing compared to an overall MSA. Our attraction to the West Seventh District of Fort Worth is in part due to the appealing lifestyle amenities, proximity to employment and expectation that recent growth and transformation of the area will accelerate in the coming years,” said Nickolay Bochilo, senior vice president of investments.
The community consists of one four-story building that surrounds structured parking and two three-story buildings with surface parking. It features a mixture of studio, one- and two-bedroom units that come in various floor plans. Multiple one-bedroom units also contain four levels – parking on the first floor, kitchen and living areas on the second floor, a bedroom on the third floor and a rooftop deck on the top floor.
Unit amenities include 9 by 13 foot ceiling heights, expansive windows, kitchens with granite countertops, modern appliances, concrete or vinyl plank flooring in living areas and full-size washers and dryers. Residents of Bell Lancaster can also make use of a clubhouse with a Wi-Fi café, two resort-style pools, a fitness facility and a yoga studio.
Image Courtesy of JHP via Official Website