A 1,206-unit community in Superior, Colo. was bought by Greensboro, N.C.-based Bell Partners in a deal totaling about $250 million, the company announced Monday.
The community, which was renamed Bell Flatirons, was purchased from Simpson Housing. The company built the property in several phases from 1997 through 1999. The first two phases of the project, Prairie’s End and Cross Creek, were constructed as 620 units of traditional garden-style apartments with garages. The third phase, Watters Edge, is 586 units of townhomes and apartments with garages.
The community, which is located between Denver and Boulder, was acquired as part of a strategic growth strategy for Bell.
“This acquisition is a great addition to our portfolio, and we expect it to be a solid investment for our investors,” Jon Bell, president of Bell Partners Inc., said in the release. “Furthermore, it is consistent with our strategy to expand our footprint into high-growth, liquid and institutionally desirable markets that have compelling economic and apartment growth fundamentals.”
The community also includes a 24,000-foot luxury clubhouse, indoor basketball court, movie theater and fitness room. Additionally, four swimming pools, a fishing pond and a beach are also a part of the community.