Bell Partners Announces Sales of Two North Carolina Apartment Communities
Greensboro, NC— Bell Partners Inc., a top ten apartment investment and management company, announced today that, on behalf of its investors, it has sold two of its North Carolina apartment communities: Lake Brandt in Greensboro and Bell Southpoint in Durham. Lake Brandt was sold to Winthrop Realty Trust. The transaction closed November 2, 2012. Bell Partners acquired the 284-unit community in August 2006. The community contains one, two and three bedroom apartment homes and includes resort-like amenities, such as a 24/7 fitness center, outdoor pool plaza with sundeck, lighted tennis courts, indoor lap-pool, business center and children’s outdoor activity center. It is located in proximity to shopping and entertainment centers and within walking distance of a scenic park. At the close, Winthrop Realty Partners will assume management of the apartment community. Bell Southpoint was sold to Duck Pond Corporation. The transaction closed on November 8, 2012. The apartment community was acquired by Bell Partners in April 2003. The 288-unit community includes one, two and three bedroom apartment homes and contains resort-like amenities such as 24/7 fitness and business centers, pool pavilion with sundecks, playground and gazebo with grills. It is located in proximity to Southpoint Mall, a regional shopping and entertainment node that serves the greater Durham / Chapel Hill area. At closing, management of the community was transferred to Drucker & Falk. Joe Cannon, Vice President of Investment at Bell Partners said, “We are pleased to have owned and operated these profitable, high-quality communities on behalf of our investors and wish the new owners the best with their new properties.”
About Bell Partners Inc.
Bell Partners Inc. is one of the country’s leading apartment investment and management companies. The company invests capital on behalf of accredited high net worth and institutional investors. Through its Bell Apartment Living division, the company is the 10th largest apartment operator in the United States, according to the National Multi-Housing Council. Founded more than 35 years ago and now employing approximately 1,700 associates, Bell Partners oversees a portfolio valued at over $4.4 billion across 15 states, mostly in the Mid-Atlantic, Southeast and Southwest. Bell Partners now owns or operates 246 apartment properties, located generally in the Mid-Atlantic, Southeast and Southwest. Bell’s portfolio includes more than 69,000 apartments.
CONTACTS:
Kevin Thompson
Phone: 336.232.1993
Email: bkthompson@bellpartnersinc.com
Laurenn Wolpoff
Phone: 917.518.9011
Email: lwolpoff@prosek.com