Apartment investment and management firm Bell Partners has acquired four multifamily communities with 846 units for $313 million in four of the firm’s target markets. The portfolio was acquired on behalf of Bell Apartment Fund VII investors.
The acquisitions include Sidney at Morningside in Atlanta; Residences at Starwood in Frisco, Texas; Touchstone Apartments in Broomfield, Colorado; and Montecito Apartments in Santa Clarita, California.
“We are excited to acquire a portfolio of high-quality, differentiated properties located in submarkets with healthy supply and demand fundamentals,” said Nickolay Bochilo, executive vice president of investments at the Greensboro, North Carolina-based firm. “At a time of increased turbulence in the capital markets, this portfolio fits our long-term strategy of pursuing investments in our target markets, where we can leverage our local experience and extensive operating platform to enhance performance, using disciplined underwriting to reflect current and projected market conditions.”
The 110-unit Sidney at Morningside, which will be renamed Bell Morningside, was completed in 2009. The community was originally constructed as for-sale condominiums and features larger than typical floor plans that average 1,557 square feet. Amenities include a high-tech fitness center, a game room, a saltwater pool, and a dog park.
The 234-unit Residences at Starwood, completed in 1998, will be renamed Bell Starwood. The community features townhome-style units, with a high concentration of two- and three-bedroom floor plans, in a low-density setting. Residents have access to garages, private entries, a fitness studio, and a dipping pool.
The 292-unit Touchstone Apartments will be renamed Bell Broomfield. Completed in 2018, it is close to major employment centers in the Denver metro. Amenities include a full-scale fitness studio, a resort-style pool, and direct-access garages.
The 210-unit Montecito Apartments, which will be renamed Bell Valencia, in the Los Angeles metro was completed in 1999. It has a mix of floor plans and amenities, including a spa and fitness center, garages, and controlled gate access.