Bell Partners Announces Sales of Two Properties in the Carolinas

Greensboro, NC — Bell Partners Inc., one of the nation’s leading apartment investment and management companies, announced today that Bell-sponsored investors have sold two apartment home properties in the Carolinas: The Park at Steele Creek in Charlotte, North Carolina and Alta Crescent in Greer, suburb of Greenville, South Carolina. The Park at Steele Creek was sold for over $21,000,000 with the transaction being closed on April 30, 2012. The community was originally purchased by Bell-sponsored investor, Steele Creek Charlotte LLC. The Class A property has 264 one, two and three bedroom apartment homes, first-class amenities and is conveniently located near transportation routes and retail outlets. ARA represented Bell in the sale. Alta Crescent, now known as Legacy Crescent Park, was sold for over $20,000,000, with the transaction being closed on May 4, 2012. The community was originally developed in a joint-venture with Wood Partners and a Bell-sponsored investor, Crescent Apartments LLC. This property includes resort-style amenities in an urban setting, convenient to shopping and downtown Greenville. The community has 240 one, two and three bedroom apartment homes. CBRE represented Bell in the sale. Jon Bell, President of Bell Partners, said, “We are pleased to have reached a successful conclusion to these investments. We will continue to harvest value for our investors when possible and also remain focused on thoughtfully growing our portfolio.”

About Bell Partners Inc.

Bell Partners Inc. is one of the country’s leading apartment investment and management companies. The company invests capital on behalf of accredited high net worth and institutional investors. Through its Bell Apartment Living division, the company is the 10th largest apartment operator in the United States, according to the National Multi-Housing Council. Founded more than 35 years ago and now employing approximately 1,700 associates, Bell Partners oversees a portfolio valued at over $4.4 billion across 15 states, mostly in the Mid-Atlantic, Southeast and Southwest. Bell Partners now owns or operates 246 apartment properties, located generally in the Mid-Atlantic, Southeast and Southwest. Bell’s portfolio includes more than 69,000 apartments.

CONTACTS:

Kevin Thompson
Phone: 336.232.1993
Email: bkthompson@bellpartnersinc.com

Laurenn Wolpoff
Phone: 917.518.9011
Email: lwolpoff@prosek.com