Bell Partners Expands Dallas Footprint
This is the buyer’s third recent acquisition in the market.
Bell Katy Trail. Image courtesy of Bell Partners
Bell Partners has again expanded its Dallas area multifamily footprint through an acquisition of a 208-unit community. The company acquired Routh Street Flats for an undisclosed price on behalf of a separate account venture between Bell Partners and HANSAINVEST Real Assets GmbH, a Hamburg, Germany-based investment firm. The new ownership will also rename the community to Bell Katy Trail.
Built in 2015, the community offers studio, one- and two-bed units ranging from 539 to 1,121 square feet. Bell Katy Trail was also built with a rooftop terrace, fire pit, infinity saltwater pool and a fitness center. Residents have nearby access to many retail and restaurant options at the West Village shopping center and can also connect to other parts of Dallas through the nearby McKinney Avenue Trolley stop.
According to CBRE’s third quarter report in 2021, the Dallas/Fort Worth multifamily market has put up new highs with net absorption and occupancy. The third quarter saw the market’s net absorption rise to 19,054 units, a 23.5 percent increase from last quarter and more than double the 9,165 units in the third quarter of 2020. The report also noted that the market’s occupancy hit a record high of 96.6 percent, up from last quarter’s 95.5 percent.
AN EXPANDING FOOTPRINT IN DALLAS
Nickolay Bochilo, executive vice president of investments at Bell Partners, said in prepared remarks that the acquisition of Bell Katy Trail follows the company’s strategy of targeting investments in urban submarkets like Uptown. Bochilo also said in prepared remarks that Bell Partners currently has 70,000 units under management, including more than 7,700 in Dallas.
Besides the Uptown submarket, Bell Partners’ portfolio also includes a 435-unit community purchased in August in the Dallas suburb of Richardson. Further north in the Dallas metro, the company acquired a pair of adjacent multifamily properties in Frisco, Texas that were merged into a single community totaling 722 units. Outside of the Dallas area, Bell Partners has also shown interest in Austin, similarly acquiring a pair of adjacent communities totaling 619 units with plans to merge operations with one of its existing properties.
