514-Unit Apartment Complex Sold

The Carrington Cove Apartments, formerly the Flagstone Apartments, was sold to the Rohdie Group of New York for $28 million.

December 16, 2010
By Allison Landa, News Editor

Courtesy Flickr Creative Commons user AndyRob

A Madison, Ala.apartment complex has changed hands to the tune of $28 million. The 514-unit Carrington Cove Apartments, formerly the Flagstone Apartments, was sold to the Rohdie Group of New York by a joint venture between Bell Partners Inc. and Wachovia Bank.

Built in 1985, Carrington Cove consists of 540,000 rentable square feet of space. It offers one-, two- and three-bedroom apartments.

According to Bell executive Nickolay Bochilo, the firm continues to be opportunistic about selling assets with the goal of gaining positive returns for clients. In addition, he said Bell hopes to further refine its portfolio’s geographic and product-quality mix.