Bell Partners Completes Sale of Three Properties
GREENSBORO, NC (January 5, 2016) — Bell Partners Inc., one of the nation’s leading apartment investment and management companies, announced today that it has completed the sale of three properties during late December for a cumulative sale price of $123.9 million. The three communities are: Bell BridgeMill in metro Atlanta, Georgia; Bell Midtown in Nashville, Tennessee; and Bell Wheeler Hill in the metro Boston area. Bell Partners will no longer manage these properties.
Jon Bell, President of Bell Partners, said: “We are very pleased with the outcome of these three transactions from an investment perspective. Our ability to purchase these properties at strategic prices and make targeted investments to upgrade each community enabled us to sell at attractive price points. As a result of our team’s exceptional collaborative efforts, these properties have generated compelling returns for our investors across multiple Funds.”
Bell Fund I, along with other Bell-related entities, purchased Bell BridgeMill (formerly Preston Glen) in March 2007. This property was sold to the Atlantic Pacific Real Estate Group on December 17, 2015.
Bell Fund IV purchased Bell Midtown (formerly 1700 Midtown Apartments), in August 2011. The property was sold to Olympus Property on December 17, 2015.
Bell Fund II, along with other Bell-related entities, purchased Bell Wheeler Hill (formerly Jefferson at Wheeler Hill) in December 2007. The property was sold to CBRE Global Investors on December 22, 2015.
Jon Bell, said, “We continue to be an aggressive seller, and judicious buyer.” For the second straight year, Bell Partners was a net seller of apartment communities. In 2015, Bell sold 24 properties for $800 million and acquired nine apartment communities comprised of 3,218 units for $670 million, totaling $1.47 billion in total transactions. In 2014, a year in which it was also a net seller, Bell completed more than $2.6 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 across the East Coast, Southwest, and Western United States. With approximately 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 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