Chesapeake, Va.–Bell Partners Inc. has joined with a group of high net-worth ownership entities to purchase the 192-unit Alta Great Bridge Apartments in Chesapeake, Va.
Bell Partners also announced that a new branding strategy will be implemented for the property and that its name will be changed to Bell Great Bridge Apartments. The Bell company will manage the apartment community.
Bell Partners executive Nickolay Bochilo said, “This purchase represents our continued confidence in the apartment market fundamentals , particularly in light of the severe value declines in the for-sale housing sector, strong job growth indicators in Virginia and favorable demographic trends in the coming years.”
The new Bell property, the eighth acquisition by Bell Fund III, was built in 2009, includes 199,398 square feet of rental space and is about 92 percent occupied. It comprises eight residential buildings and offers one, two and three-bedroom apartment homes.
The acquisition continues to add to a Bell Partners multifamily portfolio of approximately 60,000 apartment homes. According to the National Multi-Housing Council, Bell Partners is the 10th largest apartment operator in the nation.
Bell Partners now owns or operates 208 apartment properties, located generally in the Mid-Atlantic, the Southeast and Texas.