Bell Partners Acquires $313M Portfolio
A total of 846 units are spread among four communities in the Atlanta, Dallas, Denver and Los Angeles metros.
Bell Broomfield. Image courtesy of Bell Partners
Bell Partners Inc. has expanded its footprint in four different markets with its latest $313 million portfolio acquisition. The company acquired a portfolio of four communities located in the Atlanta, Dallas, Denver and Los Angeles metros from an undisclosed seller. The acquisitions were made on behalf of the investors of Bell Apartment Fund VII.
The portfolio totals 846 units and includes Sidney at Morningside in Atlanta, Residences at Starwood in Frisco, Texas, Touchstone Apartments in Broomfield, Colo., and Montecito Apartments in Santa Clarita, Calif. The portfolio’s vintage ranges from the 234-unit Residences at Starwood that was built in 1998 to the 292-unit Touchstone Apartments constructed in 2018.
Sidney at Morningside is the smallest community in the portfolio at 110 units but offers an average floorplan size of 1,557 square feet. Montecito Apartments offers 210 units in a variety of floorplans and offers common amenities including a fitness center, a spa, garages and controlled gate access.
“The portfolio provided an opportunity to invest in diverse assets throughout the U.S., in markets experiencing strong multifamily fundamentals,” Nickolay Bochilo, executive vice president of investments at Bell Partners, told Multi-Housing News.
Fourteen target markets
Bochilo said in prepared remarks that this portfolio acquisition follows the company’s long-term strategy of pursuing investments into its target markets. Bochilo told MHN that Bell Partners has 14 target markets across the U.S., including the Bay Area, Southern California, Seattle, Denver, Austin, Dallas, Fort Lauderdale, Orlando, Tampa, Atlanta, Raleigh, Charlotte, Boston and Washington, D.C.
Bochilo also told MHN that the company follows a diligent approach to growing its portfolio by evaluating assets in durable locations with favorable long-term fundamentals and by expanding its footprint in those 14 target markets. Bell Partners recently grew its presence in North Carolina after acquiring the 352-unit Element Uptown in Charlotte, N.C. and the 192-unit Waypoint West in Mooresville, N.C. in May.
