Bell Partners Buys 722 Units in Dallas Metro
- Jan 27, 2020
Bell Partners Inc. has acquired a pair of adjacent multifamily properties north of Dallas on behalf of its Fund VII investors, which the company will merge into a single community. The two properties, The Emerson and Emerson Court, total 722 units and are located at 4800 and 4949 Printers Way in the high-growth Platinum Corridor in Frisco, Texas.
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Silver Oak Multifamily Capital built the two mid-rise properties within the 100-acre Frisco Market Center, a residential and commercial development about 26 miles north of downtown Dallas. The Emerson and Emerson Court were constructed in 2015 and 2018 and contain 410 units and 312 units, respectively.
The combined property, to be renamed Bell Frisco Market, consists of two four-story buildings with brick exteriors that provide a mix of one-, two- and three-bedroom units. Select residences feature private patios or outdoor terraces. Each phase of the community offers a modern fitness center, indoor and outdoor gaming lounges, and a pool with grilling stations and cabanas. Bell plans to consolidate leasing and management operations into one phase and create modern co-working spaces from common areas in the other phase.
The community is sited within the Frisco North Platinum Corridor, a zone of development activity stretching along the Dallas North Tollway from U.S. Highway 380 to the Sam Rayburn Tollway/State Highway 121. Residents have access to a range of retail amenities in the area as well as the Stonebriar Centre shopping mall, located several miles down the Dallas North Tollway.
The submarket, a rising employment hub, is expected to add 4 million square feet of office and medical space over the next three to four years, according to Bell. The Dallas metropolitan area is projected to double in population and millions of jobs over the next few decades.
Major private employers in Frisco include T-Mobile, Conifer Health Solutions and Amerisource Bergen Specialty Group. Last August, American Landmark purchased Four Corners Apartments, an upscale 390-unit community at 1690 FM 423 Road in the city.
The acquisition of Bell Frisco Market boosts Bell’s ownership portfolio to six assets in the Dallas-Fort Worth area and comes shortly after the company acquired a 222-unit partially affordable community in Redmond, Wash., on behalf of its Fund VII. The privately owned apartment investment and management firm manages nearly 60,000 apartments units across the country.
“Bell plans to continue making investment in its target markets, focusing on growing submarkets and assets that can benefit from Bell’s operating platform,” Nickolay Bochilo, the company’s executive vice president of investments, told Multi-Housing News.