Bell Partners has grown its Texas multifamily portfolio to 23 communities with the acquisition of a 435-unit community in Richardson, Texas. The company acquired CityLine Park on behalf of its Bell Core Fund I investors for an undisclosed price. According to Yardi Matrix data, the seller was Zale Corson Group.
Bell Partners will rename the apartment community that was completed in 2019 by Zale Corson Group to Bell CityLine. The community offers studio, one-, two- and three-bedroom units that range in size from 540 to 2,138 square feet. The units were built with washer and dryer units, solar shades and USB outlets while select units have 14-foot ceilings, private yards, walk-in closets and dual vanities. Bell CityLine was also built with a clubhouse, coffee bar, fitness studio, pool and tanning ledge. Bell Partners told Multi-Housing News that there are plans for some improvements to the common areas.
Located at 1230 CityLine Drive in the Dallas suburb of Richardson, the community is within walking distance to the CityLine Bush DART station. Richardson has gained a reputation of attracting technology and telecommunication companies leading the city to rezone nearly 1,200 acres to attract additional firms to the area. Residents also have nearby access to both Route 75 and President George Bush Tollway which connects to other cities in the Dallas-Fort Worth metro area.
Nickolay Bochilo, executive vice president of investments at Bell Partners, said in prepared remarks that Bell Partners expects a relatively stable performance for Bell CityLine due to its location and high quality build. According to Yardi Matrix data, the community is 90.8 percent occupied.
GROWING ITS PORTFOLIO
The acquisition of Bell CityLine marks the Bell Partners’ 23rd community in Texas that it owns or manages. Last month, the company also acquired two adjacent communities in Austin with plans to combine the properties with another nearby community to create a 949-unit community.
Across its central and western U.S. portfolio, Bell Partners now owns or manages 44 communities spread throughout cities including Dallas, Austin, Nashville, Denver, Seattle, Los Angeles and the Bay Area. In May, the company acquired its fourth asset in the Seattle area, a 202-unit apartment community in Kirkland, Wash.