Bell Partners Acquires Multifamily Duo in Greater Boston
- Dec 18, 2020
Bell Partners Inc. has acquired two adjacent Westford, Mass., apartment communities on behalf of the firm’s Fund VII investors.
The two properties, Hanover Westford Valley and Hanover Westford Hills, will be merged to create a 420-residence community called Bell Westford. This will be the Bell Partners’ fifth rental community in the greater Boston area.
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“Completing any transaction is challenging during COVID-19,” Nickolay N. Bochilo, executive vice president of investments for Bell Partners, told Multi-Housing News. “But the Boston investment proved more complicated than most due to the larger size, complex property-related diligence matters, travel restrictions to Massachusetts from other states and volatility in the financing markets. Bell overcame those challenges by leveraging its relationships with the counterparty and various consultants and partners.”
Built in 2019, the three-story Bell Westford offers 408 apartments and 12 townhomes. Features and finishes of units include stainless steel appliances, large quartz islands, pendant lighting, tile backsplashes and full-size washers and dryers.
Outdoor lounge areas with gas fire pits are among the most prominent amenities of the apartment community.
Situated along the well-traveled I-495 technology and health care corridor, Bell Westford is located near a number of major employers such as IBM, Abbott Laboratories, and NetScout. Nearby retail centers include Point Shopping Center and Cornerstone Square.
Residents commuting to jobs in Boston can access the nearby Littleton/Route 495 commuter rail station, providing direct access to North Station on the Fitchburg Line.
“Our team created a process to ensure we cover all required diligence matters while managing pandemic-related risks, including COVID-19 tests ahead of site visits, use of technology and local subject matter experts, and leveraging of our vertically integrated platform to complete the transaction in less than 60 days,” Bochilo said.
Family-friendly attractions in the area include The Butterfly Place, Main Street Windmill, Kimball Farm and Nashoba Valley Ski Area. Area schools are among the best in the state.
One of the apartment communities Bell Partners owns in the Boston area is Vinnin Square Apartment Homes in Salem. The company acquired the 148-unit asset from Taymil Properties in July 2019.
More recently, Bell Partners teamed up with Signature Property Group to manage the developer’s multifamily portfolio in North Carolina.