Bell Partners Rings In $49.5M Sale
The proof of a repositioning play is in the profits — in this case a 39 percent increase in rent rolls from March of 2012.
Charlotte, N.C. — Apartment investment and management firm Bell Partners Inc. announced that it has sold its Charlotte Bell Morrison property to The Connor Group for $49.5 million. The deal was negotiated on behalf of Bell Partners’ investors in Bell Fund IV.
“We are very pleased with this transaction. As a result of our teams’ exceptional, collaborative efforts, the property has generated compelling returns for our investors,” said Joseph Cannon, SVP of investments at Bell Partners.
The property, which was previously called Morrison at Southpark Apartments, was purchased by Bell Fund IV in March 2012. During the holding period, Bell Partners implemented a $1.6 million repositioning and renovation plan, which resulted in rent hikes of more than 39 percent.
This sale marks the thirteenth for Greensboro, N.C.-based Bell this year, and brings their 2015 sale profits to $293 million.
