GREENSBORO, NC - Bell Partners, one of the nation's leading apartment investment and management companies, announced it has acquired a portfolio of four apartment communities totaling 846 apartment homes located in four of its target markets. The total purchase price was $313 million. The portfolio was purchased on behalf of Bell Apartment Fund VII investors. The four properties acquired include Sidney at Morningside, located in Atlanta, GA (to be renamed Bell Morningside); Residences at Starwood, located in Frisco, TX (to be renamed Bell Starwood); Touchstone Apartments, located in Broomfield, CO (to be renamed Bell Broomfield); and Montecito Apartments, located in Santa Clarita, CA to be renamed Bell Valencia).
"We are excited to acquire a portfolio of high-quality, differentiated properties located in submarkets with healthy supply and demand fundamentals," said Nickolay Bochilo, EVP of Investments at Bell Partners. "At a time of increased turbulence in the capital markets, this portfolio fits our long-term strategy of pursuing investments in our target markets where we can leverage our local experience and extensive operating platform to enhance performance, using disciplined underwriting to reflect current and projected market conditions."
Located in Atlanta, GA, Sidney at Morningside was completed in 2009 and contains 110 apartment homes with a larger than typical floor plan averaging 1,557 square feet. Its location in an attractive residential area is close to Emory University and retail amenities including the Ansley Mall and Trader Joe's, and provides easy access to employment centers in Decatur, Midtown, Downtown, and Buckhead. The community was originally constructed as for-sale condominiums and features large floorplans with amenities and on-site features including a high-tech fitness center, game room, saltwater pool, and a dog park.
Located in Frisco, TX, Residences at Starwood was completed in 1998 and contains 234 apartment homes in a low-density setting. Its location near the Dallas North Tollway is within a short drive to 25 million square feet of office space in suburban North Dallas and retail amenities including Stonebriar Centre and Watters Creek Village. The community features townhome style units with a high concentration of two- and three-bedroom floorplans and attractive amenities including garages, private entries, a fitness studio, and a dipping pool.
Located in Broomfield, CO, Touchstone Apartments was completed in 2018 and contains 292 apartment homes. Its location is close to major employment centers including Interlocken Technology Park, transportation arteries including Highway 36 and the future expansion of the Jefferson Parkway, and retail amenities including Flatiron Crossing Mall. Community amenities include a full-scale fitness studio, resort-style pool, and direct access garages.
Located in Santa Clarita, CA, Montecito Apartments was completed in 1999 and contains 210 apartment homes. It lies across the street from the Westfield Valencia Town Center Mall and is adjacent to the Valencia Country Club, with easy access to Interstate 5. The community has a mix of apartment floorplans and amenities that include golf course views, a spa and fitness center, garages, and controlled gate access.