Bell Partners, a leading apartment investment and management company based in Greensboro, North Carolina, continues to expand its portfolio with strong acquisition activity over the past several weeks. According to the firm, it has acquired more than $1.5 billion in properties so far in 2021 and has another $200-plus million in process.
“Bell is actively investing on behalf of our value-add and core funds, both of which make longer-term investments based on stated strategies. The acquisition volume represents our planned investment pace, while also recognizing the favorable long-term fundamentals we are seeing in the rental housing space,” says Nickolay Bochilo, executive vice president of investments. “Bell is also active on the disposition side of our business with several large transactions in process. The sales are part of our planned harvesting of value on behalf of legacy investment vehicles. We remain focused on building high-quality, diversified investment portfolios and applying the strength of our operating platform to improve resident experience. This approach has served our investors well over our 45-year history and is one we expect to continue deploying through all stages of the economic cycle.”
The firm has added to its growing West Coast portfolio with the acquisition of Hanover Warner Center, a 395-unit multifamily community in Los Angeles. The property, which will be renamed Bell Warner Center, was purchased on behalf of the Bell Core Fund I investors.
Built in 2020, the community is located minutes from Route 101, connecting residents to major job centers. It features a range of amenities, including conference and meeting rooms, a 24-hour fitness center, a controlled-access parking garage, and an atrium with an outdoor café and a fire pit.
Another acquisition for the firm’s Bell Core Fund I investors marks the 85th community managed by Bell Partners in its home state. Earlier in September, it purchased The Elliott, a newly built 272-unit multifamily community in Chapel Hill. Construction on the community was completed earlier this year and features modern amenities, such as a fitness center, a pool with a sundeck, and a co-working lounge with Wi-Fi for residents.
“Bell Chapel Hill is an exciting addition to our Bell Core Fund I portfolio,” says Bochilo. “The Raleigh-Durham area continues to be a magnet for STEM jobs, which fuels an increasing demand for high-quality housing in the region.”
Bell Partners continues to see growth in the Lone Star State, making its fourth acquisition of 2021. The firm acquired Lenox Boardwalk, a 339-unit multifamily community, in Austin. The property, which will be renamed Bell Lakeshore, also was purchased on behalf of the firm’s Bell Core Fund I investors.
Located 2 miles from Austin’s central business district, the community offers proximity to jobs and popular recreation destinations. Build in 2018, amenities include a two-story fitness center, resort and lap pools, resident courtyards, and nearly 500 parking spaces.
“Our investment in Bell Lakeshore reflects our belief in the continued increase of high-quality jobs in Austin and the corresponding demand for quality housing," says Bochilo. "We seek investment opportunities in growth markets with favorable supply and demand characteristics, leading to stable growth over time and limited downside risk.”
On behalf of the Bell Value-Add Fund VII investors, the firm has acquired Avery at Northwinds, an 800-unit multifamily community in Alpharetta, Georgia. Renamed to Bell Alpharetta, this is the 11th property owned or managed by the firm in the Atlanta metro.
The community, built in 1998, features a mix of one-, two-, and three-bedroom units with a pool, a gym, and a community room. According to the firm, Bell Alpharetta, which is 20 miles north of Atlanta, offers residents a premier suburban location with access to employment and entertainment options.
