Bell Partners Acquires Apartment Community in Metro DC Area
Greensboro N.C. (July 17, 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 Stonebridge Terrace, a 308-unit community in Woodbridge, Virginia. The terms of the transaction were not disclosed. The community has been renamed Bell Stonebridge and will be managed by Bell Partners.
Completed in 2015, Bell Stonebridge is situated in the Route 1 Corridor of Northern Virginia with convenient access to downtown Washington, D.C. and key employment centers, such as Marine Corps Base Quantico, Sentara Northern Virginia Medical Center, and Fort Belvoir. The property’s location within Stonebridge at Potomac Town Center, a 500,000 square foot lifestyle hub, affords exceptional walkability to a variety of sophisticated dining options and prominent lifestyle retailers.
The property is well-appointed with attractive unit interiors, spacious floor plans, and functional amenity spaces, including 436 structured-parking spaces and available storage in the garage area. Bell Stonebridge offers a variety of studios, one, two and three bedroom apartment homes, which average 896 square feet. Each unit features luxury finishes including granite countertops in the kitchen and bathroom, stainless appliances, large kitchen islands and pantries, 9’ ceilings, walk-in closets, pendant lighting, and vinyl plank flooring. Additionally, 70 percent of the units include a private balcony or patio and the remaining units have Juliet balcony.
Community amenities include two 24-hour fitness centers, a resort style swimming pool, two-story clubhouse/leasing center with a coffee bar and expansive balcony overlooking the pool, a media room, a BBQ/picnic areas, and an enclosed dog run.
Nickolay Bochilo, Senior Vice President, Investments, said: “We are pleased to add Bell Stonebridge to our Virginia portfolio. It is a best-in-class asset, located in one of greater Washington, DC’s fastest-growing submarkets. This Class A property offers market-leading interior finishes, as well as a generous amenity package. The community affords Bell key distinct differentiators from the surrounding
living options, including its prime location 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 Stonebridge is the third 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 $582.5 million 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 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, N.C.) 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@king-consult.com