Bell Partners has acquired two multifamily communities for separate funds. Lansbrook Village, a 774-unit property in Palm Harbor, Florida, is the first acquisition on behalf of Bell Value-Add Fund VIII. The 312-unit Presidio East in Fort Worth, Texas, has been acquired on behalf of Bell Core Fund I investors.
“By leveraging our local market knowledge and differentiated deal flow, we have acquired two properties in quality locations that, with careful underwriting and a disciplined approach to risk management, can each provide attractive returns to our investors,” said Nickolay Bochilo, executive vice president of investments.
Lansbrook Village, which will be renamed Bell Lansbrook Village, was completed in several phases between 1998 and 2004. The low-density, 85-acre property features direct-entry, townhome-style units with one-, two-, three-, and four-bedroom floor plans. Amenities include three pools, tennis courts, a fitness center, and a pet park. Its location offers convenient commuter access to downtown Tampa and St. Petersburg as well as being within minutes of retail, dining, beaches, and outdoor activities.
Presidio East, which will be renamed Bell Presidio, was completed in 2017. The low-density community offers modern finishes and a mix of larger floor plans. Residents also have access to a two-story fitness center and a large saltwater pool. It is located in North Fort Worth near Alliance Town Center, top schools, and major employment hubs.
“Bell Lansbrook Village is our first acquisition for Value-Add Fund VIII and offers the ability to immediately create value through renovations and enhanced management practices,” added Bochilo. “Bell Presidio is well-suited for our Core Fund I venture as it provides a stable performance history in a location with attractive growth prospects.”
