Bell Partners Acquires 493-Unit Asset in Metro DC
The property previously traded for more than $180 million.
Bell Old Town comprises two five-story residential buildings. Image courtesy of Yardi Matrix
Bell Partners has acquired The Thornton, a 439-unit multifamily community in Alexandria, Va., through its $1.3 billion Value Add Fund VIII and renamed it to Bell Old Town. The asset’s previous owner, Starwood Capital Group, had purchased it in 2019 for $180.2 million, according to Yardi Matrix data. Th deal involved a 10-year, $118.2 million Fannie Mae loan.
Completed in 2018, the property comprises two five-story buildings with studio, one- and two-bedroom floorplans ranging from 540 to 1,177 square feet. Of the total, 24 residences are designated as affordable. All apartments feature in-unit washers and dryers, with select layouts including private balconies or patios and walk-in closets. Common-area amenities include a pet spa, a 24-hour fitness center, a grilling area and a library lounge with coworking spaces, as well as bocce courts.
D.C. multifamily market contracts
Located at 750 Thornton Way, the 12.8-acre property is near the Potomac River, just south of Interstate 495. The community is roughly 10 miles from Washington, D.C., some 7 miles from the Ronald Reagan Washington National Airport and 3 miles from Old Town Alexandria.
Multifamily investment volume in Washington, D.C., totaled nearly $1.1 billion year-to-date through November, a far cry from the $2.77 billion registered during the same period last year. However, values increased; per-unit prices averaged $269,473 in the first 11 months of 2023, up 10.3 percent year-over-year.
