Bell Partners has sold two properties for a cumulative sale price of more than $100 million, the Greensboro, N.C.–based company announced Wednesday.
The two developments—Bell Biltmore Park (227 units), outside Asheville, N.C., and Bell Cheshire Bridge (318 units), in Atlanta—were sold on Dec. 7 and Dec. 8, respectively. Bell will retain property management responsibilities for Bell Biltmore Park.
Bell Fund III, along with other Bell-related entities, purchased Bell Cheshire Bridge in June 2010 and Bell Biltmore Park in December 2010. Bell sold the properties to Chaucer Creek (Biltmore Park) and Radco Cos. (Cheshire Bridge).
“We are pleased with the outcome of these two transactions,” said Lili Dunn, president of Bell Partners, in a release. “As a result of our team’s exceptional collaborative efforts, Bell has generated attractive returns for our investors across multiple funds. We continue to be an aggressive seller and judicious buyer.”
During 2016, Bell sold 12 properties, for $475 million, and acquired 12 apartment communities, comprising 3,575 units, for $791 million, amounting to nearly $1.3 billion in total transactions. In 2015, Bell sold 24 properties, for $800 million, and acquired nine apartment communities, comprising 3,222 units, for $670 million, totaling $1.47 billion in transactions. In 2014, Bell completed more than $2.6 billion in total apartment transactions.