Bell Partners Purchases Fairfax, Va., Community
Bell Partners has announced that it has purchased the 246-unit Fair Oaks at Pender Creek community in Fairfax, Va., on behalf of its investors.
By Joshua Ayers, Senior Editor
Greensboro, N.C.—Bell Partners Inc. has announced that it has purchased the 246-unit Fair Oaks at Pender Creek community in Fairfax, Va., on behalf of its investors. The garden-style community will be rebranded as Bell Fair Oaks and will be managed by Bell Partners. The acquisition brings the company’s transaction total to more than $41 million for 2014.
“[The] Bell Fair Oaks investment represents a continuation of our strategy to acquire well-located apartment communities in markets and submarkets with strong supply-demand fundamentals,” says Nickolay Bochilo, senior vice president of investments. “This investment presents an opportunity to create value by upgrading the remainder of unit interiors and make upgrades to common areas and amenities.”
The community is located at 12201 Pender Creek Circle in Fairfax near an assortment of employment and entertainment venues and is about 20 miles west of Washington, D.C. The community was completed in 1989 and after a recent improvement effort about 45 percent of the units have been renovated. Bell intends to complete the remaining renovations within the next two years.
Bell Fair Oaks is comprised of three- and four-story residential buildings and offers a spread of one-, two- and three-bedroom units with a handful of two-level loft-style floor plans and 10 different primary floor plan options. The units included washers and dryers, open kitchen layouts, private balconies or patios, with renovated units offering upscale finishes including granite countertops, modern appliances, new cabinetry, updated windows treatments, lighting and fixtures.
Amenities include a two-story clubhouse, a fitness center, on-site leasing office, a resort-style swimming pool, a playground, grilling and picnic areas and a dog park.
“We believe the property’s location and nearby amenities will be appealing to renters for years to come and look forward to making improvements to the property in the coming years,” Bochilo says.
