By Jeffrey Steele
On behalf of its investors, national apartment investment and management company Bell Partners Inc. has acquired Stonebridge Terrace, a 308-unit community in Woodbridge, Va. The property, which will be renamed Bell Stonebridge, will be managed by Bell Partners. This represents the third multifamily acquisition for Bell Partners this year.
The two-year-old property is located within Stonebridge at Potomac Town Center, a half-million-square-foot lifestyle hub. That setting permits residents to walk to a wide variety of elegant dining venues and high-profile lifestyle retailers.
“The property’s location adjacent to the Town Center and Wegman’s, coupled with an opportunity to increase NOI in the near term, and attractive basis relative to replacement cost,” made it an attractive acquisition target, Nickolay Bochilo, Bell Partners’ senior vice president, investments, told MHN. “We liked the fact that most of the new supply in the submarket had stabilized and that there is virtually no new supply on the horizon, which should support stronger rent growth in the coming years.”
Bell Stonebridge features an array of studio and one-, two- and three-bedroom apartment homes with attractive unit interiors and generously-sized floor plans. Each residence offers luxury finishes including granite kitchen and bathroom countertops, stainless steel appliances, expansive kitchen islands and pantries, nine-foot ceilings, walk-in closets, pendant lighting and vinyl plank flooring. More than two-thirds of units offer a private balcony or patio, with the remaining featuring a Juliet balcony.
Functional amenity spaces include two 24-hour fitness centers, resort-style swimming pool, two-story clubhouse/leasing center with a coffee bar and expansive balcony with views over the pool, a media room, a barbecue and picnic area and enclosed dog run. In addition, Bell Stonebridge offers 436 structured parking spaces and available storage in the garage area.
“We are pleased to add Bell Stonebridge to our Virginia portfolio,” Bochilo said. “It is a best-in-class asset, located in one of greater Washington, D.C.’s fastest-growing submarkets.
“This Class A property offers market-leading interior finishes, as well as a generous amenity package. The community affords Bell key distinct differentiators from the surrounding living options, including its prime location 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.”
In 2016, Bell brought to fruition nearly $1.3 billion in total apartment transactions, following a total of $1.47 billion in total apartment transactions the previous year. In 2017 so far, the firm has completed approximately $582.5 million in total apartment transactions.