Bell Partners Acquires Apartment Community in Annapolis Maryland
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 Regatta Bay, a 189-unit community located in Annapolis, Maryland. The community will be managed by Bell Partners.
Regatta Bay, which is currently 94 percent occupied, is located in the Annapolis Town Center area, just minutes away from the historic downtown. The property offers residents convenient access to both US Route 50 and Interstate 97. Its proximity to Annapolis, Fort Meade, Washington DC and Baltimore make this a prime location.
Completed in 2000 and substantially renovated in 2006, the community is comprised of 189 apartment homes, with four spacious floor plans consisting of a mix of 1 bed/1 bath and 2 beds/2 baths. Some apartments have an additional loft. Interior apartment features include 9′ ceiling heights, granite countertops with breakfast bars, Whirlpool appliances, pantries, contemporary lighting, home-office nooks pre-wired for hi-speed internet, walk-in closets, private patios or balconies and full-size washer/dryers.
Property amenities include a clubhouse with a 24-hour fitness center, a catering kitchen and an entertainment lounge with a billiards table, and a business center. The private, resort-style swimming pool with an expansive sundeck and putting green, caps the quintessential Chesapeake Bay living environment that the community offers.
Nickolay Bochilo, Senior Vice President of Investments, said: “We are pleased to add this asset to our growing portfolio in the Washington metro area. The Regatta Bay investment offers an attractive value creation opportunity for our investors. We intend to improve the property’s physical features and enhance operational focus and efficiencies.”
The purchase of Regatta Bay is the fifth multifamily acquisition for Bell in 2016. In 2015, Bell completed $1.47 billion in total 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 throughout the United States. Bell Partners has over 60,000 units under management and over 20,000 apartments under renovation. The Company has over 1,600 associates and 7 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, construction, accounting, risk management, market research 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 $10 billion of apartment transactions since 2002, including almost $1.5 billion of activity in 2015 alone. For more information, visit our 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