Bell Partners Grows in Florida, Texas
These deals expand the investor’s footprint by more than 1,000 units.
Bell Partners has added two multifamily properties in Florida and Texas totaling 1,086 units to its portfolio in separate transactions through two of its funds.
The sellers and prices of the assets were not disclosed by Bell Partners, a Greensboro, N.C.,-based privately held apartment investment and management company. The company manages more than 85,000 apartment homes in markets across the United States. Since 2002, the firm has completed more than $18 billion of apartment transactions.
Lansbrook Village, a 774-unit apartment community in the Tampa, Fla., suburb of Palm Harbor, was acquired on behalf of Bell Value-Add Fund VIII investors and will be renamed Bell Lansbrook Village. Presidio East, a 312-unit apartment property in Fort Worth, Texas, was acquired on behalf of Bell Core Fund I investors and will be rebranded Bell Presidio.
Bell Partners closed on Bell Value-Add Fund VIII in June with $1.3 billion in equity commitments from a range of domestic and international investors. With leverage, Fund VIII has an investment capacity of approximately $3.2 billion. Tampa is one of the target markets for Fund VIII, which focuses on acquiring well-located, quality market-rate apartments. The other target markets include Boston, Washington, D.C, Atlanta, Denver; Los Angeles, San Francisco, Seattle, Dallas, Austin, Texas, Raleigh, Charlotte, Fort Lauderdale and Orlando. The company plans to add value to acquired properties through renovations, enhanced operations and investments into surrounding neighborhoods.
In February 2022, Bell Partners closed on its Bell Core Fund I that raised nearly $930 million from domestic and international institutional investors. The fund targets newer, institutional-grade assets that generate consistent cash flow with strong appreciation over a long-term investment period of about 12 years. Using leverage, the fund is expected to be used to purchase more than $1.8 billion in major U.S. markets including Boston, Denver, metropolitan Washington, D.C., the Southeast, Texas and the West Coast. By the time of the February 2022 closing, the fund had already purchased eight properties for more than $800 million.
Located at 3751 Pine Ridge Blvd., Bell Lansbrook Village was completed in several phases between 1998 and 2004. Bell Partners did not release the name of the seller. Yardi Matrix reports a seven-year Fannie Mae loan for the property was originated earlier this month for approximately $141.9 million. According to data from the same source, the last owner of the asset was Osso Capital, which had acquired the property from Carroll Organization in July 2021 for approximately $137 million with a loan of $124.8 million. Carroll and joint venture partner Bluerock Residential Growth REIT, Inc., had purchased the property for about $58.6 million from Waterton in March 2014, Yardi Matrix reported. Carroll bought out Bluerock’s share of the property in April 2017.
Bell Lansbrook Village is a low-density community with direct entry, townhome-style units sectioned into one-, two-, three- and four-bedroom floorplans ranging in size from 664 square feet to 1,705 square feet with an average of 1,065 square feet. The property is a partial conversion with 48 units held by individual owners. Rents range from $1,802 to $2,590 with an average of $1,950, according to Yardi Matrix data. Apartment interiors include washer and dryer hookups in all units, vaulted ceilings and above-standard ceiling heights. The 85.8-acre property has a range of amenities including three pools, tennis/pickleball courts, a volleyball court, a fitness center, business center and clubhouse, as well as four laundry facilities, playground and pet park. Direct access garages are available in select units and there is a total of 1,510 parking spaces.
The property’s location offers convenient commuter access to downtown Tampa and downtown St. Petersburg, Fla. Retail and dining offerings are located nearby and beaches, in addition to an 18-hole championship golf course and walking trails are situated within minutes of the community.
Completed in 2017, Bell Presidio is located at 2322 Presidio Vista Drive and is 93.9 percent occupied. Bell Partners did not disclose the seller but the most recent owners of the property were Cortland and Oaktree Capital Management, according to Yardi Matrix data. Cortland acquired the asset in January 2018 from Davis Development as part of a portfolio sale, the same source reported. The sales figure was not included, but Wells Fargo originated a $36 million loan in December 2021 for the property.
Bell Presidio has one-, two- and three-bedroom floorplans ranging in size from 661 to 1,469 square feet with an average of 999 square feet. Rents range from $1,477 to $3,260 with an average of $1,852, according to Yardi Matrix data. There are five three-story buildings on the 17.3-acre site. The apartments have above-standard ceiling heights and washer/dryers in all units. Community amenities include a two-story fitness center and large saltwater pool. The property also has a clubhouse, business center, basketball court, media room and playground. There are a total of 624 parking spaces.
The property is located in North Fort Worth near Alliance Town Center, top-ranked schools and major employment centers including the Alliance Texas global logistics hub.