Bell Partners Acquires Two Multifamily Communities in Charlotte
Company purchases Element Uptown in Charlotte and Waypoint West in Mooresville
GREENSBORO, N.C. – [May 23, 2022] – Bell Partners Inc., one of the nation’s leading apartment investment and management companies, today announced it has acquired Element Uptown, a 352-unit high-rise community located in Charlotte, N.C., and Waypoint West, a 192-unit, garden-style apartment community located in suburban Mooresville, N.C. Both properties were purchased on behalf of Bell Apartment Fund VII investors.
Element Uptown will be renamed Bell Uptown Charlotte. Completed in 2015, the 21-story community is located in Charlotte’s central business district and is walkable to 28 million square feet of office space, retail amenities including two grocery stores, and recreational amenities including Bank of America Stadium and other facilities housing four professional sports teams. The community features studio, one- and two-bedroom floorplans and plentiful off-street parking. Bell Partners currently manages four other properties in the Uptown and nearby South End submarkets.
Waypoint West will be renamed Bell Mooresville West. Completed in 2021, the property is located in the Lake Norman submarket approximately 30 miles north of Charlotte’s Uptown city center. The rapidly growing submarket offers an attractive suburban location with a diverse employment base, natural amenities and excellent schools. Lake Norman is located less than a mile from the property, offering the community’s residents convenient access to nearby recreation. The community features one-, two- and three-bedroom luxury floorplans with amenities including a state-of-the-art fitness center and yoga room, smart tech locks and thermostats, high-speed internet, a pool and grilling areas and a dog park and wash. The property is located in close proximity to two other communities that Bell Partners owns and/or manages in the submarket, including Bell Lake Norman.
“These acquisitions complement our strategy of investing in well-located, high-quality assets in submarkets with favorable long-term fundamentals,” said Nickolay Bochilo, EVP of Investments at Bell Partners. “With the addition of these two communities, Bell now manages over 4,800 apartment units in Charlotte. We plan to leverage our local experience and extensive operating platform to maximize performance and apply our renovation capabilities to enhance value.”
Bell Partners completed $4.8 billion in transactions in 2021 and is actively investing in 14 target U.S. markets located in the Northeast, Mid-Atlantic, Southeast, Texas and West Coast.
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 rental communities throughout the United States. With approximately 70,000 units under management, Bell Partners is one of the largest apartment operators and renovators in the United States. Including its headquarters in Greensboro, N.C., the Company has over 1,600 associates and twelve offices 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 25 years of industry experience that has invested throughout all phases of the real estate cycle and has helped the Company complete over $22 billion of apartment transactions since 2002. For more information, visit www.bellpartnersinc.com.
Contact:
John Perilli
Prosek Partners for Bell Partners Inc.
(401) 316-3375
jperilli@prosek.com