Bell Partners has made its first entry into the District of Columbia with the announcement of its acquisition of Capitol Hill’s Kennedy Row community for $47 million, on behalf of the Bell Fund VI investment fund. The four-story mid-rise community, which will be renamed Bell Capitol Hill, was developed by Tritec and JBG in 2013, and, as of Bell’s purchase, over 95% of its 141 units had been leased.
Bell Capitol Hill is located one block from the Stadium-Armory Metro station and 1.5 miles from the Capitol Building. Each apartment unit averages 757 square feet, and all units feature granite countertops, kitchen islands, stainless steel appliances, and walk-in showers, among other high-end features. Bike storage, a business center, a fitness center, and a pet grooming station are available to residents, as well as a rooftop terrace with views of the Capitol.
“We are pleased to have acquired Kennedy Row on behalf of Bell Fund VI,” says Nickolay Bochilo, senior vice president of investments for Bell Partners. “This investment represents a continuation of our investment strategy to acquire high-quality assets with attractive current yield and potential for above-market appreciation over time.” Bochilo also highlights the Capitol Hill East neighborhood’s high potential for growth, given the upcoming redevelopment of RFK Stadium and its barriers to entry for new apartment development.
The purchase of Kennedy Row marks the ninth multifamily acquisition for Bell Partners this year. The company has over 60,000 apartment units under management and more than 20,000 units under renovation across 13 states and the District of Columbia, concentrated mostly in the Southeast. The firm has an existing regional office in Alexandria, Va., and owns 2,100 units across nine properties on the Virginia side of the D.C. metro area.