Bell Partners Buys Dallas Asset, Plans Rebrand
The property came online earlier this year.
Bell Partners has purchased The Albee Apartments, a 355-unit multifamily property in Frisco, Texas, a Dallas submarket. A joint venture between Quarterra Multifamily and Crow Holdings previously owned the community, according to Yardi Matrix information.
The new owner will rebrand the property under the Bell Southstone Yards name and plans to complete lease-up over the following 18 months.
The company purchased the asset on behalf of its Bell Value Add Fund VIII. The investment vehicle closed in June 2023 at $1.3 billion. The fund targets well-located, market-rate apartments in 14 targes markets, including Dallas, Seattle, Denver and Boston.
The community came online earlier this year. Quarterra and Crow Holdings broke ground on the six-story building in November 2023, the same data provider shows.
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Located at 4220 Tributary Way, the property is part of the Southstone Yards master plan, a project under construction owned by multiple companies, including Crow Holdings and Rosewood Property Co. The development will include office space, a luxury hotel and ground-floor restaurant, as well as walking paths and a central park.
Bell Southstone Yards is 7 miles from Fisco’s city center. Downtown Dallas is 25 miles southeast, while DFW International Airport is within 23 miles.
The unit mix comprises one- and two-bedroom floorplans ranging between 588 and 1,384 square feet, with select layouts also having private balconies or patios. Common-area amenities are set to include a fitness center and clubhouse, swimming pool, outdoor grilling and dining space and a pet wash. The community will also have EV charging stations.
Bell Partners’ growing U.S. multifamily inventory
With this purchase, Bell Partners currently owns or manages 42 communities totaling about 15,200 apartments across the Metroplex. Nationally, the firm’s portfolio totals approximately 85,000 units across 12 regions.
At the beginning of the year, the company acquired three multifamily properties through the same fund. Bell Partners paid $264.3 million for the assets in Florida and Colorado in three separate transactions.
DFW multifamily sales hold steady
Dallas-Fort Worth’s multifamily transaction volume year-to-date as of October clocked in at $3.3 billion from the 185 assets—45,800 units—that changed hands, Yardi Matrix information shows. During the same period of last year, investors sold 168 communities totaling 38,915 apartments for $3.5 billion, showing market stability.
Last month, Centennial Holdings Co. purchased Midtown Cedar Hill, a 354-unit community in Cedar Hill, Texas. Institutional Property Advisors brokered the sale of the 2015-completed property.
Another notable deal in the area is Millburn & Co.’s acquisition of Mason + Mill, a 349-unit asset in Mansfield, Texas. JLB Partners sold the community after completing it last year.
