Bell Partners Acquires Apartment Community in Metro Dallas Area//php $catname; ?>
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 Orion Frisco, a 360-unit community in Frisco, Texas. The community has been renamed Bell Frisco at Main and will be managed by Bell Partners.
Bell Frisco at Main is a Class A multifamily community, strategically located in the thriving northern Dallas suburb of Frisco. The property is situated on the edge of Frisco’s rapidly expanding business sector, including Legacy West – part of the world renowned, master-planned Legacy Business Park – and Frisco’s “$5 Billion Mile.”
Bell Frisco at Main was built in 2012 and consists of 12 four-story mid-rise buildings with 360 units. The apartment homes average 887 square feet and feature high ceilings with crown moldings, black Whirlpool appliances, custom cabinets with under-cabinet lighting and brushed nickel fixtures, kitchen pantries, and modern track and pendant lighting. The apartment homes also have garden tubs, walk-in closets, full-size washer/dryer connections, and patios or balconies.
Property amenities in this gated, smoke-free community, include a Starbucks® Coffee Bar, a clubhouse with business center, a central park, a jogging trail, a children’s activity area, a dog park, a high-end 24-hour fitness center, an outdoor Wi-Fi lounge, and a resort-style swimming pool with a tanning deck. There are also 120 rentable carports available to residents.
Nickolay Bochilo, Senior Vice President, Investments, said: “We are pleased to have acquired Orion Frisco on behalf of Bell Fund VI. This investment represents a continuation of our strategy to acquire high-quality properties with attractive current yield and the potential for above-market appreciation in the future. The property is well located in close proximity to Frisco’s “$5 Billion Mile.” The strong economic activity should support a healthy demand for housing in the coming years ”
The purchase of Bell Frisco at Main is the tenth multifamily acquisition for Bell in 2016 and is the 33rd apartment community in the Company’s Texas portfolio. 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. With over 60,000 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 and MultiFamily Executive Magazine, respectively). 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, 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 $10 billion of apartment transactions since 2002, including $670 million of acquisitions and $800 million of dispositions in 2015. For more information, visit our website at www.bellpartnersinc.com.