Bell Partners Acquires Apartment Community in Denver Metro Area – Bell Cherry Hills
GREENSBORO, N.C. (April 27, 2017) — 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 Cherry Hills, a 306-unit community in Englewood, Colorado. The community has been renamed Bell Cherry Hills and will be managed by Bell Partners.
Completed in 2016, Bell Cherry Hills is situated in a prime location near the two largest employment centers in metro Denver. The community also provides convenient access to local retail centers, including River Point Shopping Center, an exciting urban renewal project consisting of an outdoor collection of shops, dining and entertainment options, and major retailers. Residents are also located less than one mile from two light rail stations which offer alternative commuting options. At the time of purchase, the property was 96 percent occupied.
The LEED Silver community consists of two buildings and over 540 resident parking spaces. The spacious studios, one, two and three bedroom floor plans average 915 square feet and feature state-of-the-art interior finishes and amenities. The apartment homes include kitchens with granite counter tops, ENERGY STAR® rated stainless steel appliances, and tiled backsplashes. These units also offer designer two-toned paint, plank wood-style flooring, washer and dryers, glass-panel walk-in showers, a technology package with surround sound and Bluetooth capabilities, and oversized walk-in closets.
Community amenities include a resort-style swimming pool and spa, BBQ grilling stations with an outdoor seating area and pool-side fire pits, a rooftop deck with downtown and mountain views, a fully equipped fitness center, a yoga and spin studio, a bike and ski repair shop, a business center, a resident lounge, a dog washing center and electric car charging stations.
Joseph Cannon, Senior Vice President, Investments, said: “We are pleased to add this Class A property to our Colorado portfolio. Bell Cherry Hills was designed with market-leading interior and common area features and is well positioned to benefit from the vibrant growth patterns in and around Cherry Hills. The community has a number of desirable features, including its prime location, best-in-class finishes and access to numerous walkable retail and lifestyle amenities. Our investment represents a continuation of Bell’s strategy to acquire high-quality, lower risk assets in desirable areas which provide value-add potential for our investors. ”
The purchase of Bell Cherry Hills is the second multifamily acquisition for Bell in 2017. In 2016, Bell completed nearly $1.3 billion in total apartment transactions. In 2015, Bell completed $1.47 billion in total apartment transactions. To date this year, Bell has completed approximately $346 million in total apartment transactions.
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 approximately 60,000 units under management, Bell Partners is the 15th largest apartment operator in the United States (according to The National Multi-Housing Council, 2017) and one of the largest renovators in the country. The Company has more than 1,500 associates and 7 offices (including its headquarters in Greensboro, NC) and offers an extensive and full service 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 $12 billion of apartment transactions since 2002, including nearly $1.3 billion in 2016 transactions. 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