Greensboro-headquartered Steven D. Bell & Company has purchased seven apartment properties in three Southeastern states valued at $96,100,000. Six of the multi-family communities, totaling 1,456 units, were purchased from Berwind of Philadelphia, an investment management company. Valued in total at $81,200,000, three of these properties are located in Metro Atlanta, two in Huntsville, Ala. and one in Chattanooga, Tenn.
The seventh acquired property, in Memphis, Tenn., is a 236-unit apartment community valued at $14,900,000 which was purchased from Sentinel Corporation of New York City.
A significant share of the equity for the purchases was provided by Bell Fund I and Bell Fund II, private equity funds that enable accredited high net worth investors to more easily share ownership in a wide range of Bell real estate holdings.
The acquisitions follow the Bell company’s sale of 29 apartment properties in August and September for $677 million, the largest such transaction in the company’s 31-year history.
Bell principal Jon Bell noted, “Despite our large recent portfolio sale, we remain bullish on the apartment market in the near-term and this purchase reflects that confidence. The consumer credit tightening we are witnessing should require more people to rent versus buy.”
Steven D. Bell & Company, as is typical when the company acquires commercial and multi-family property, will manage day-to-day operations at all seven newly-acquired apartment communities.
The Bell firm, founded in 1976, now has more than 2,000 employees working in Bell investment property locations across the Southeast, Southwest and parts of the Midwest.
The company oversees real estate investments valued at approximately $3.3 billion. The portfolio consists of over 32,000 multifamily units, 4.8 million square feet of retail and office space and 20 senior living properties.
Source: dBusinessNews.com