Bell Partners Purchases Three Apartment Communities for $76M
- Dec 13, 2011
December 13, 2011
By Barbra Murray, Contributing Editor
It’s been a busy year for Bell Partners Inc. and it’s not over yet. The company recently purchased three communities encompassing an aggregate 682 units for approximately $76 million. With the acquisition of the properties, located in Florida, Texas and South Carolina, Bell partners has increased its multifamily portfolio to a total of 222 assets encompassing more than 65,000 units.
“Bell Partners is focused on acquiring well located, high quality properties in major markets throughout the Southeast, Southwest, and Mid-Atlantic,” Joe Cannon, vice president of investments with Bell Partners, told Commercial Property Executive. “Our acquisitions are oriented towards unique investment opportunities where we can add value through our extensive operating platform and deep market presence.”
It’s all part of a relatively new strategy. In August, the company announced the sale of the majority of its senior living portfolio to Senior Housing Properties Trust for $300 million, marking a major step in its plan to concentrate on its role as a national leader in apartment ownership and management.
The recent purchases include a 310-residence property in Lake Mary, Fla., Bell Partners picked up the 11-year-old luxury complex, located in the Orlando-Kissimmee-Sanford area, for roughly $34.1 million. The company also shelled out nearly $21.9 million for Quarry Hill Apartments, a one-year-old, Class A+ apartment community offering 148 condo-quality units in Austin. Bell Partners also added the three-year-old Vinings at Brookfield Apartments in Greenville, S.C., to its holdings. Brookfield is a Class A property featuring 224 residences.
As part of Bell Partners’ recently launched marketing program, all three of the newly acquired assets will carry new names. The apartment communities will be known as Bell Timacuan, Bell Quarry Hill and Bell Brookfield, respectively.
There appears to be no end to Bell Partners’ buying binge as the company moves full steam ahead with its portfolio repositioning efforts. Between April and October of this year, Bell Partners acquired the 284-unit Autumn River Apartments in Raleigh, N.C.; Greensboro, N.C.’s Arbors at Landmark Apartments; The Ansley at Park Central Apartments, a 490-unit luxury property in Dallas; and the 170-unit Midtown Apartments in Nashville.
“We have a bullish view on apartment investment fundamentals for the foreseeable future,” Cannon said. “Development activity is coming off of historic lows, so today’s supply/demand characteristics bode very well for long term value appreciation.”