Bell Partners Shells out $250M for Apartment Property in Metro Denver
- Apr 24, 2015
Bell Partners Inc. of Greensboro, N.C. has acquired a 1,206-unit apartment community in the metro Denver area in of the largest multifamily transactions in Colorado history. The company purchased Horizons at Rock Creek garden-style community from Simpson Housing LLP for approximately $250 million, according to a news release.
Rebranded Bell Flatirons, the 80-acre property is one of the largest multifamily communities in the Denver area, completed in multiple phases between 1997 and 1999. Located to the southeast of U.S. Route 36 that connects Denver to Boulder, the community incorporates 1,206 apartment units and townhomes; a 24,000-square-foot luxury clubhouse; indoor basketball court, two tennis courts and two racquetball courts; a movie theater with stadium-style seating; four swimming pools; business center; and 24-hour fitness center. Apartment amenities include private garages, washer and dryer, private patios or balconies, walk-in closets, and stainless steel appliances.
“This acquisition […] is consistent with our strategy to expand our footprint into high-growth, liquid and institutionally desirable markets that have compelling economic and apartment growth fundamentals,” said John Bell, president of Bell Partners in the news release. “Denver is one of the strongest apartment markets in the country, and the purchase of Bell Flatirons provides us with an excellent opportunity to continue our strategic expansion beyond our current East Coast and Southwest markets.”
Bell Partners is currently the 11th largest apartment operator in the U.S., with nearly 70,000 units under management. Following the purchase of Bell Flatirons, the company has completed over $355 million in multifamily transactions in 2015.
Image courtesy of Bell Partners Inc.