Bell Partners Acquires 260-Unit Apartment Community in Mooresville, N.C.
The acquisition of Bell Lake Norman expands Bell Partners’ presence in home state of North Carolina
GREENSBORO, N.C. – April 30, 2021 – Bell Partners Inc., one of the nation’s leading apartment investment and management companies, has acquired Century Plantation Pointe, a 260-unit apartment community located in Mooresville, N.C. The property, acquired on behalf of the firm’s Fund VII investors, will be renamed Bell Lake Norman, and will become the 79th property Bell Partners currently owns or manages in its home state of North Carolina.
Built in 2014, Bell Lake Norman is a garden-style apartment community positioned along the I-77 corridor. The community offers residents access to several major employment centers including Uptown Charlotte, Huntersville, Cornelius and Davidson. Over the past decade, Mooresville has witnessed a diversification of its economy, and has seen an expansion of major industries including manufacturing, healthcare, financial services, logistics and distribution, information technology, and agriculture. Major employers close to the community include Lake Norman Medical Center, NGK Ceramics USA, BestCo, Pactiv Corporation, and the corporate headquarters of Lowe’s.
Bell Lake Norman also provides convenient access to lifestyle amenities centered around the highly desirable Lake Norman – the largest lake in North Carolina. Nearby local retailers include Publix, Harris Teeter, Sam’s Club, and dozens of local and national eateries.
“The acquisition of Bell Lake Norman represents a continuation of our strategy to acquire quality properties in growing submarkets of our target markets where we can create additional value by making physical improvements to common areas and apartment interiors.” said Nickolay Bochilo, EVP of Investments at Bell Partners. “The Charlotte region continues to experience significant growth driven by job relocations, lower cost of living and warmer climate, which should support favorable growth in renter demand during our investment period.”
Bell Lake Norman’s community amenities include a coffee shop, saltwater pools with an outdoor kitchen, a community clubhouse with a lounge, a fitness center, a pet washing station, a car care center, an onsite clothing care facility, and 24/7 package access with Amazon HUB Lockers. Each unit has private patios, washer and dryer connections, walk-in closets, sleek black appliances, and ceiling fans in bedrooms and living rooms. Bell Partners closely follows guidelines from local, state and federal health authorities regarding the operation and cleanliness of community amenities.
Bell Lake Norman has also earned Green Globes® Multifamily for Existing Buildings Certification.
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 63,000 units under management, Bell Partners is one of the largest apartment operators and renovators in the United States. The Company has over 1,500 associates and eight offices (including its headquarters in Greensboro, N.C.) and offers an extensive and full-service platform containing expertise in acquisitions and dispositions, construction, 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 $16 billion of apartment transactions since 2002, including over $1.2 billion in 2020 transactions. For more information, visit our website at www.bellpartnersinc.com.
Contacts:
John Perilli / Allie Rudden
Prosek Partners for Bell Partners Inc.
(212) 279-3115
jperilli@prosek.com / arudden@prosek.com