Bell Partners Acquires Metro D.C. Apartment Community
439-unit community in Alexandria purchased for Value-Add Fund VIII
GREENSBORO, N.C., December 11, 2023 — Bell Partners (the “Company”), one of the nation’s largest apartment investment and management companies, today announced it has acquired The Thornton, a 439-unit apartment community located in Alexandria, VA. The community was acquired on behalf of the Company’s Value Add Fund VIII investors and will be renamed Bell Old Town.
“Bell Old Town is our second acquisition for Value-Add Fund VIII and is another example of our ability to leverage a broad presence in our target markets to acquire a well-located, quality asset with careful underwriting and a disciplined approach to risk management”, said Nickolay Bochilo, EVP of Investments at Bell Partners. “The property provides a unique opportunity to create value and generate attractive returns to our investors by offering modern apartment floorplans with state-of-art amenities in a location within walking distance of the attractions of Old Town Alexandria.”
Completed in 2018, Bell Old Town offers studio-, one-, two- and two-plus-den-bedroom floorplans. Amenities include a dog grooming spa, 24-hour fitness center, clubroom, game room and courtyard with a bocce court, fireplace and grilling area. The property is located within walking distance of King Street, the commercial heart of historic Old Town Alexandria, known for its restaurants, shops and galleries. The community has easy access to I-95 and Reagan National Airport, is situated one block from the Potomac River, and fronts the Mount Vernon bike trail.
With this acquisition, Bell Partners now owns/and or manages 22 apartment communities containing over 7,300 apartment homes in the DC-Maryland-Virginia region.
About Bell Partners
Established in 1976, Bell Partners Inc. is a privately held apartment investment and management company focused on quality multifamily rental communities throughout the United States. The Company manages more than 85,000 apartment homes in markets across the U.S., including communities in the San Francisco Bay Area, Southern California, Washington, Texas, Colorado, the Southeast, Washington D.C., and Boston. With over 2,000 associates and ten offices, Bell Partners offers an extensive full-service vertically integrated national platform of expertise in acquisitions and dispositions, construction, financing, property operations, accounting, risk management, and related support functions. Led by a senior management team with an average of 20+ years of experience navigating marketing cycles, Bell Partners has invested throughout all phases of the real estate cycle and has completed over $18 billion of apartment transactions since 2002. With a focus on the customer, Bell pairs its corporate infrastructure with a deep local presence to drive performance. For more information, visit bellpartnersinc.com.
Contact:
Allison Worldwide for Bell Partners Inc.
BellPartners@allisonworldwide.com