Bell Partners Expands Colorado Presence
- Aug 26, 2016
Denver—Bell Partners Inc., has acquired AMLI at Flatirons, a 500-unit community in Broomfield, Col., which will be renamed Bell Summit at Flatirons. Bell Partners purchased the property for $116.3 million, or $232,600 per unit, with an $80.5 million loan provided by Freddie Mac. The loan was arranged by Walker and Dunlop.
The property was 95 percent occupied at the time of purchase. Bell Partners will manage the property, which is located at 210 Summit Blvd., directly across the street from its sister property, Bell Flatirons, which Bell acquired in April 2015.
“Our company is focused on acquiring well-located, high-quality properties within our defined target markets across the U.S.,” Joseph Cannon, Bell Partners’ senior vice president of investments, told MHN. “We are growing our footprint in the Denver MSA and this property is an excellent compliment to our current portfolio and fits squarely within our strategic objectives.”
Originally completed in 2004, Bell Summit at Flatirons consists of one- and two-bedroom floor plans, averaging 960 square feet and $1,424 per month. Units feature private balconies or patios, walk-in closets, large pantries, linen closets, gas fireplaces, as well as vaulted ceilings in select units. The community was 99.2 percent occupied as of July 2016, according to Yardi Matrix.
Property amenities consist of multiple courtyards, a large clubhouse with a cyber café and a billiards area, a fitness center, and a resort-style pool with grilling areas and cabanas.
“The property is a high-quality, mid-rise property with value-add upside in an attractive location with strong employment centers, affluent neighborhoods and numerous retail and lifestyle amenities,” Cannon said. “We plan to renovate all of the apartment interiors and the common areas and amenities as well. The property is well designed so our renovation program will really focus on updating and modernizing the community to position it for continued future growth.”
The community is located halfway between Downtown Denver and Boulder, convenient to Highway 36, providing easy access to a number of international and Fortune 500 companies. In addition, the neighborhood offers a wide variety of shopping, recreational, and entertainment venues.
The acquisition marks the eighth multifamily acquisition for Bell in 2016. Last year, the company completed $1.47 billion in total apartment transactions.
Photo courtesy of Bell Partners