Bell Partners Pays $80M for Raleigh Asset
Walker & Dunlop originated a $36.9 million Fannie Mae loan.
Bell Partners has acquired Vintage Jones Franklin, a 279-unit multifamily community in Raleigh, N.C. The asset traded for $79.5 million, and the seller was TDK Construction, according to Yardi Matrix data. The sale involved a $36.9 million Fannie Mae loan originated by Walker & Dunlop, the same data provider shows. The property was purchased through the buyer’s Bell Core Fund I and will be rebranded as Bell Jones Franklin.
Completed in 2022, the community comprises four four-story buildings which incorporate one-, two- and three-bedroom floorplans ranging from 546 to 1,399 square feet. Apartments feature in-unit washers and dryers, along with private balconies or patios for select layouts. Common-area amenities include a swimming pool, 24-hour fitness center, clubhouse, pet park and outdoor game courtyard.
Located at 930 Vintage Jones Way, the property is close to interstates 40 and 440, as well as some 8 miles from downtown Raleigh. It is adjacent to Lake Johnson Park and close to numerous retail and dining options.
Bell Jones Franklin is Bell’s Partners’ 40th community in the Raleigh market, the firm now owning and/or managing more than 12,000 units in the metro. Recently, the company closed a $1.3 billion multifamily fund slated to invest in 14 markets across the U.S., including Raleigh, as well as Charlotte, N.C.