DEAL OF THE DAY: Bell Partners Expands Portfolio with Purchase in Affluent Suburb

Charlotte, N.C.—Charlotte, N.C., is quickly becoming an attractive location for renters and developers alike, and Bell Partners Inc. is taking advantage of this emerging market with its recent purchase of Hawfield Farms in Ballantyne, an affluent suburb of Charlotte. The 210-unit garden-style community, which has been renamed Bell Ballantyne, marks the fourth purchase for the company this year.

“The acquisition of Bell Ballantyne is well aligned with the Bell Partners investment strategy of purchasing well located, high quality apartment communities in our target markets. We are pleased to add this attractive property to our portfolio,” said Joseph Cannon, senior vice president of investments.

The upscale property was 96 percent occupied at the time of sale.  Homes within the community average 1,582 square feet, a majority of which include direct access garages. Apartment amenities consist of granite countertops, stainless appliances, full-size washers and dryers and custom cabinetry. Residents enjoy shared access to a clubhouse with an Internet café and computer workstations, a fitness center and a private movie theater. Outdoors, the community features a resort-style swimming pool, outdoor fire pit and grilling areas.

The community was previously owned by the Hanover Companies, which completed its development of the property in 2009. The property will now be managed by Bell Partners, which including this transaction, has completed more than $406 million in apartment acquisitions this year.