Bell Partners Expands Atlanta Holdings
The properties were purchased on behalf of the firm's Core Fund I investors.
Bell Terminus. Image courtesy of Bell Partners
Bell Partners Inc. has acquired the Berkshire Terminus and Berkshire Howell Mill multifamily communities, totaling 611 units, from Berkshire Residential Investments.
Built in 2014, the 355-unit Berkshire Terminus, located at 20 Terminus Place, will be renamed Bell Terminus. The mid-rise community is in Atlanta’s Buckhead neighborhood. Residents are within walking distance of the area’s Terminus mixed-use development. Bell Terminus also offers close access to metro Atlanta’s most important employment, nightlife and shopping destinations.
The Terminus project was designed as a live-work-play neighborhood and urban center, according to architect Duda|Paine. It includes more than 1.5 million square feet of office space and more than 100,000 square feet of retail, occupying an entire block in Buckhead, with a pedestrian-level plaza offering shops and restaurants, along with parks and gardens for people and events.
Built in 2015, the 256-unit Berkshire Howell Mill, situated at 1950 Howell Mill Road N.W., will be renamed Bell Collier Village. The property is in the city’s Westside corridor, close to Georgia Tech, Microsoft and Google’s regional corporate centers being built and Facebook and Amazon’s existing locations in Atlantic Station.
Investment Decisions
“The acquisition reflects Bell’s strategic focus on Atlanta as a target market for further investment. Atlanta MSA has solid apartment fundamentals, both short- and long-term based on the diverse economic base, favorable demographics, and strong in-migration,” Bell Partners’ Executive Vice President of Investments Nickolay Bochilo, told Multi-Housing News. “The transaction offers an opportunity to invest in growing areas of Buckhead and Midtown where the cost of new construction and a home purchase are higher, and lifestyle is appealing for the increasing number of professional demographics.”
Units in both properties feature Energy Star stainless steel appliances, granite countertops, walk-in closets, and private balconies/patios in select homes. In addition, both properties are outfitted with saltwater pools, outdoor grilling areas, technology lounges, fitness centers and rooftop terraces.
The properties, acquired on behalf of Bell Partners’ Core Fund I investors, represent the 12th and 13th communities Bell Partners manages in the Atlanta area, as well as the company’s second and third acquisitions in the Atlanta metro area in 2021, following the September acquisition of Bell Alpharetta.
The acquisitions come at an exciting time for the city of Atlanta’s growth. According to the 2020 Census, the population of Atlanta has grown by 18.7 percent since 2010.
In September, Bell Partners sold 23 multifamily properties that were part of multiple investment management vehicles for more than $1.8 billion.
