Bell Partners Announces Sale of Apartment Assets Worth $1.8 Billion

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Back To News September 17, 2015

Bell Partners Acquires Apartment Community in Metro Boston Area

Bell Partners Acquires Apartment Community in Metro Boston Area

Greensboro, N.C. — Bell Partners Inc., one of the nation’s leading apartment investment and management companies, announced today that, on behalf of its investors, it has acquired Alta at the Estate, a high quality 155-unit community close to downtown Boston. The community has been renamed Bell Watertown and will be managed by Bell Partners.


Bell Watertown is located in the desirable Boston township of Watertown, an area known for its ideal location in close proximity to Cambridge (3 miles), Waltham/Route 128 (4 miles) and downtown Boston (7 miles). Watertown’s location not only provides residents with convenient access to numerous employers based nearby, but also to the social life of downtown destinations. In addition, the strong on-going infill redevelopment occurring in Watertown near the property will provide a variety of new lifestyle options for residents, including shopping venues and restaurants appealing to a young, affluent population.


Bell Watertown consists of two four-story buildings with elevators and temperature controlled hallways, one townhouse building, and a stand-alone clubhouse. The community is comprised of a mix of one-bedroom, two-bedroom and townhouse-style apartment homes in a variety of floor plans (28 in total). The apartment homes feature 9′ ceiling heights, granite countertops with islands, custom wood cabinets, ceramic tile backsplash, and stainless steel Energy Star appliances with oversized refrigerators. The units also have ceiling mounted recessed lighting, oversized bathrooms and walk-in closets, full size washer/dryer, built-in bookshelves in some units and Juliet or full-size balconies.


The property amenities include a clubhouse and leasing center, a resident lounge with gourmet kitchen, pool table and cyber café. Residents also enjoy a large 24-hour fitness center with premium Life Fit equipment, iPod docks, and built-in touch screen TVs, yoga room, conference center, and a media room with large screen TVs and gaming consoles. There is also a heated saltwater swimming pool, grilling area with fire pit, playground, grill/picnic area, dog park, nature trail and bike storage.


Nickolay Bochilo, Senior Vice President of Investments, said, “The acquisition of Bell Watertown is well aligned with the Bell investment strategy to deepen our presence in the Boston market with a focus on areas undergoing significant transformation and offering potential for property value appreciation.”


In 2014 Bell has completed more than $2.6 billion in apartment transactions.


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 across the East Coast and Southwest United States. With nearly 70,000 units under management, Bell Partners is the 12th largest apartment operator and 7th largest apartment renovator in the United States (according to The National Multi-Housing Council). The Company has over 1,500 employees and 9 offices (including its headquarters in Greensboro, NC) and offers an extensive and full service operating platform containing expertise in acquisitions and dispositions, financing, property operations, accounting, risk management and all other related support functions. The Company has completed nearly $9 billion of apartment transactions since 2002, including over $2.6 billion in 2014. Additional information about Bell can be found on the company’s website at www.BellPartnersInc.com.


CONTACTS:

Kevin Thompson
Phone: 336.232.1993
Email: bkthompson@bellpartnersinc.com


Laurenn Wolpoff
Phone: 917.518.9011
Email: lwolpoff@prosek.com

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