GREENSBORO, NC - Bell Partners, one of the nation's leading apartment investment and management companies, has acquired CityLine Park, a newly developed 435-unit apartment community located in the Dallas suburb of Richardson, Texas. The property, acquired on behalf of the firm's Fund VII investors, will be renamed Bell CityLine and marks the 23rd community owned or managed by Bell Partners in Texas.
Located in the CityLine mixed-use development, Bell CityLine is located near major Dallas-area employers including State Farm and Raytheon, as well as in close proximity to ample dining, retail and recreation options. Bell CityLine is situated near the intersection of U.S. Route 75 and the President George Bush Tollway, connecting residents to all points of the Dallas-Fort Worth Metroplex, including the Dallas Urban Core. The community is within walking distance to the CityLine Bush DART Station, offering residents direct access to destinations such as DFW International Airport and Downtown Dallas.
Richardson has attracted several technology and telecommunications businesses to the area, establishing the "Telecom Corridor" along which Bell CityLine is located. The city has rezoned nearly 1,200 acres to attract additional technology firms to the area, creating new job opportunities and continued demand for housing.
Bell Partners' acquisition of Bell CityLine reflects the firm's ongoing expansion in targeted growth markets. Including Bell CityLine, Bell Partners owns or manages 44 properties across its central and western markets, including Dallas, Austin, Nashville, Denver, Seattle, Los Angeles and the Bay Area.
"The acquisition of Bell CityLine reflects our conviction in the favorable economic and rental housing market fundamentals in Dallas, and expectation of relatively stable performance of this investment given its high quality location and product," says Nickolay Bochilo, EVP of Investments at Bell Partners.
The property, built in 2019, has an array of modern amenities including a clubhouse with a coffee bar, a fitness studio and a resort style swimming pool with a tanning ledge.