Bell Partners Scoops Up Washington Metro Community
The apartment investment company acquired a 189-unit community in Annapolis, Md., marking its fifth acquisition this year.
Greensboro, N.C.—Bell Partners Inc. made its fifth acquisition this year with the purchase of Regatta Bay, a 189-unit community in Annapolis, Md. The company will manage the community as well.
“We were attracted to Regatta Bay for its location, product quality and opportunity to enhance value using Bell’s operating expertise,” Nickolay Bochilo, senior vice presient of investments for Bell Partners, told MHN. “The property is located in the Town Center area of Annapolis, which has great access to employment and to attractive lifestyle amenities, including Trader Joe’s, Whole Foods, and many local restaurants. The property is also a part of a fractured condominium, which presents both a challenge and an opportunity for the new owner.”
The community is minutes from the historic downtown and is currently 94 percent occupied. The property is also in close proximity to Annapolis, Fort Meade, Washington, D.C., and Baltimore, making it a “prime location,” according to the company’s release.
Regatta Bay was completed in 2000 and underwent a large renovation in 2006, but Bell Partners plans to make further improvements.
“The Regatta Bay investment offers an attractive value creation opportunity for our investors. We intend to improve the property’s physical features and enhance operational focus and efficiencies,” Bochilo said.
More specifically, the company will focus on streamlining operations of the property and making unit interior improvements, Bochilo said, adding that the company is also exploring options to enhance common area amenities.
The community’s units come in four floor plans with a mix of one and two bedrooms. Some units come with an additional loft. Apartment features include 9-foot ceiling heights, granite countertops, full-size washers and dryers, Whirlpool appliances, pre-wired home-office nooks, walk-in closets, and private balconies or patios.
Community amenities include a 24-hour fitness center, catering kitchen, entertainment lounge with billiards, business center, and a resort-style swimming pool with sundeck and putting green.
In 2015, Bell Partners completed nearly $1.5 billion in apartment transactions, and shows no signs of slowing down this year. Its 2016 acquisitions so far include the $55 million purchase of 605 West in Durham, N.C., now called Bell West End, in March. It’s future acquisitions will likely include those in the Washington, D.C. metro area, as it is one of the company’s target markets, Bochilo told MHN.
“We expect to expand our holdings in this market in the future, assuming we find good investment opportunities,” Bochilo said. “The Annapolis submarket has attractive demand fundamentals and limited new apartment supply, which was one of the reasons we were attracted to this area.”