Bell Partners Continues Texas Expansion with Acquisition of Dallas Apartment Community
Bell CityLine marks the 23rd apartment community managed by Bell Partners in Texas
GREENSBORO, N.C., Aug. 2, 2021 — Bell Partners Inc., one of the nation’s leading apartment investment and management companies, has acquired CityLine Park, a newly developed 435-unit apartment community located in the Dallas suburb of Richardson, Texas. The property, acquired on behalf of the firm’s Core Fund I investors, will be renamed Bell CityLine and marks the 23rd community owned or managed by Bell Partners in Texas.
Located in the CityLine mixed-use development, Bell CityLine is located near major Dallas-area employers including State Farm and Raytheon, as well as in close proximity to ample dining, retail and recreation options. Bell CityLine is situated near the intersection of U.S. Route 75 and the President George Bush Tollway, connecting residents to all points of the Dallas-Fort Worth Metroplex, including the Dallas Urban Core. The community is within walking distance to the CityLine Bush DART Station, offering residents direct access to destinations such as DFW International Airport and Downtown Dallas.
Richardson has attracted several technology and telecommunications businesses to the area, establishing the “Telecom Corridor” along which Bell CityLine is located. The city has rezoned nearly 1,200 acres to attract additional technology firms to the area, creating new job opportunities and continued demand for housing.
Bell Partners’ acquisition of Bell CityLine reflects the firm’s ongoing expansion in targeted growth markets. Including Bell CityLine, Bell Partners owns or manages 44 properties across its central and western markets, including Dallas, Austin, Nashville, Denver, Seattle, Los Angeles and the Bay Area.
“The acquisition of Bell CityLine reflects our conviction in the favorable economic and rental housing market fundamentals in Dallas, and expectation of relatively stable performance of this investment given its high quality location and product,” says Nickolay Bochilo, EVP of Investments at Bell Partners.
The property, built in 2019, has an array of modern amenities including a clubhouse with a coffee bar, a fitness studio and a resort style swimming pool with a tanning ledge.
About Bell Partners Inc.
Established in 1976, Bell Partners Inc. (“Bell Partners” or the “Company”) is a privately held, vertically integrated apartment investment and management company focused on high-quality multifamily communities throughout the United States. With approximately 63,000 units under management, Bell Partners is one of the largest apartment operators and renovators in the United States. The Company has over 1,500 associates and ten offices (including its headquarters in Greensboro, N.C.) and offers an extensive and full-service platform containing expertise in acquisitions and dispositions, construction, financing, property operations, accounting, risk management and all other related support functions. Bell Partners is led by a senior management team with an average of over 20 years of experience that has invested throughout all phases of the real estate cycle and has helped the Company complete over $16 billion of apartment transactions since 2002, including over $1.2 billion in 2020 transactions. The Company has completed approximately $750 million in transactions in 2021. For more information, visit our website at www.bellpartnersinc.com.
Contact:
John Perilli
Prosek Partners for Bell Partners Inc.
(401) 316-3375
jperilli@prosek.com