ROCKVILLE, MD - Bell Partners, one of the nation's leading apartment investment and management companies, announced that it has acquired Siesta Key, an apartment community located in Rockville, Md., which will be renamed Bell Shady Grove. This acquisition represents the 4th community owned by Bell Partners in the state of Maryland and the 18th managed in the D.C. metro area. Bell Shady Grove was acquired on behalf of a venture between Bell Partners and HANSAINVEST Real Assets GmbH, a leading investment firm based in Hamburg, Germany.
Built in 2018, Bell Shady Grove is a 315-unit mid-rise community that offers residents convenient access to Downtown Rockville, Bethesda and Washington, D.C. via multiple modes of transportation. The community is situated adjacent to I-270 and I-370/Maryland Route 200 and is a short distance from the city's Red Line metro station. Bell Shady Grove is also located in the I-270 biotechnology and life sciences corridor, one of the country's most prominent hubs for medical research, testing and development with The National Institutes of Health, National Cancer Institute and U.S. Food and Drug Administration headquartered in the area. Nearby developments including Downtown Crown and Rio Washingtonian Center provide residents with access to gyms, movie theaters, restaurants and a variety of retail stores.
"This acquisition represents another step for Bell Partners into the D.C. metro market, which we believe has strong economic prospects with a wide range of stable public sector job opportunities," said John Blaylock, Senior Vice President of Investments at Bell Partners. "We feel especially confident in the Rockville submarket, which is home to many of the critical national health agencies who play a key role in combatting the ongoing public health crisis."
All units at Bell Shady Grove have wood plank flooring, custom backsplashes, soaking tubs with tile finishes, full-size washers and dryers, stainless steel appliances and granite surfaces in the kitchens and bathrooms. Community amenities at Bell Shady Grove include a rooftop deck with a lounge space, TVs, fire pit and billiards, a clubroom with a gaming area, a business center with a computer lounge, a fitness center with a private yoga studio and a conference space with private workstations. Bell Partners closely follows guidelines from local, state and federal health authorities regarding the operation and cleanliness of community amenities.
Source: Bell Partners