Bell Partners Completes Sale of Charlotte, N.C. Property
Greensboro, NC — Bell Partners Inc., one of the nation’s leading apartment investment and management companies, announced today that it has sold its Bell Morrison community in Charlotte, North Carolina, for $49.5 million to The Connor Group. The transaction was concluded on behalf of the Company’s investors in Bell Fund IV. Bell Fund IV purchased Bell Morrison (previously known as Morrison at Southpark Apartments), in March 2012. During Bell Partners ownership, a $1.6 million repositioning and renovation plan was orchestrated which resulted in rent increases of over 39%, enhancing the overall value of the property. Joseph Cannon, SVP, Investments at Bell Partners, said: “We are very pleased with this transaction. As a result of our teams’ exceptional, collaborative efforts, the property has generated compelling returns for our investors. “
Bell Partners is focused on acquiring and managing well-located, high-quality multifamily assets across the East Coast, Southwest, and Western United States to generate attractive current income and provide strong total returns to its investors.
Thus far in 2015, Bell has sold 13 apartment communities for $293 million and acquired three apartment communities for $356 million.
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, Southwest, and Western United States. With over 64,000 units under management, Bell Partners is the 11th largest apartment operator and 7th largest apartment renovator in the United States (according to The National Multi-Housing Council). The Company has over 1,600 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. 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 nearly $7 billion of apartment transactions since 2002.
CONTACTS:
Kevin Thompson
Phone: 336.232.1993
Email: bkthompson@bellpartnersinc.com
Laurenn Wolpoff
Phone: 917.518.9011
Email: lwolpoff@prosek.com