Bell Partners Nabs 306-Unit Denver-Area Community
Alta Cherry Hills marks the company's second 2017 acquisition. The property is located near two of the metro's largest employment areas.
Bell Partners Inc. recently acquired Alta Cherry Hills, a 306-unit community in Englewood, Colo., on behalf of its investors. The property has been renamed Bell Cherry Hills and will be managed by Bell Partners.
The former owner, Wood Partners, was represented in the deal by ARA Newmark’s vice chairmen Jeff Hawks, Doug Andrews, Terrance Hunt and Shane Ozment. Previously, ARA also helped Wood Partners with brokering the land to develop Alta Cherry Hills, which was completed in 2016.
Located at 3650 S. Broadway, the LEED Silver-certified property is situated near Denver Tech Center and downtown Denver, two major employment centers. Bell Cherry Hills is also less than a mile from two industry-leading medical centers–Swedish Medical Center and Craig Hospital. Additionally, the property offers access to local retail centers, including River Point Shopping Center.
The three-, four- and five-story development features studios, one-, two- and three-bedroom units averaging 924 square feet. Community amenities include a fitness center, a clubhouse, swimming pool, spa and a barbecue grilling station with an outdoor seating area, as well as pool-side fire pits. Additional amenities include a bike and ski repair shop, a residents lounge, a dog washing center and electric car charging stations. According to Yardi Matrix data, the asset was 91.2 percent occupied as of March.
“We are pleased to add this Class A property to our Colorado portfolio. Bell Cherry Hills was designed with market-leading interior and common area features and is well positioned to benefit from the vibrant growth patterns in and around Cherry Hills. The community has a number of desirable features, including its prime location, best-in-class finishes and access to numerous walkable retail and lifestyle amenities. Our investment represents a continuation of Bell’s strategy to acquire high-quality, lower risk assets in desirable areas which provide value-add potential for our investors,” Joseph Cannon, senior vice president, said in a statement.
Image courtesy of Yardi Matrix