Bell Partners Acquires 831-Unit in DFW
The buyer took out a $119.5 million Fannie Mae loan.
Bell Partners has acquired Gateway Crossing Apartments, an 831-unit multifamily property in Plano, Texas. The company purchased the asset through its Value Add Fund VIII and rebranded it as Bell Gateway Village. BH Equities sold the property, according to Yardi Matrix information.
The buyer also obtained a $119.5 million Fannie Mae loan originated by Walker & Dunlop, public records show.
CBRE Vice Chairman Daniel Baker brokered the transaction. The property previously changed hands in 2020, when BH Equities purchased it along with two other assets from Provident Realty Advisors and merged them into a single community.
Completed in 2013, 2015 and 2017, Bell Gateway Village encompasses 20 two- and three-story buildings, spread across almost 26 acres. The unit mix consists of one-, two- and three-bedroom floorplans that range from 611 to 2,686 square feet.
Common-area amenities include a fitness center, three swimming pools, clubhouse, barbecue and picnic area, yoga and spin studio, along with a movie theater. Additionally, the property has a dog park, outdoor fireplace, courtyard, lounge and conference room.
Located at 380 Vistacourt Drive, Bell Gateway Village is 3 miles from downtown Plano, while the DFW International Airport is within 27 miles. Downtown Dallas is some 21 miles southwest.
Bell Partners’ multifamily expansion
Bell Partners’ current multifamily portfolio comprises about 85,000 units under management across 14 market, with a gross value of $7.3 billion. More than 11,400 of these units in the Metroplex, across 34 properties.
Last month, the company acquired Silverado Apartment Homes, a 492-unit community in Murrieta, Calif. Realty Center Management Inc. sold the asset for $147 million.
At the end of last year, the firm purchased The Thornton, a 439-unit property in Alexandria, Va., through the same fund as Bell Gateway Village. The asset previously traded in 2019 for $180.2 million.
