Bell Partners Picks Up Suburban Washington, DC, Community
- Nov 24, 2020
Multifamily investment and management firm Bell Partners has acquired a 464-unit apartment community in the Washington, D.C., suburb of Ashburn, Va., from Fairfield Residential for an undisclosed amount.
Bell Partners purchased the property, Westwind Farms, on behalf of its Fund VII investors. Following the acquisition, the community will be rebranded as Bell Ashburn Farms. The deal marks the 10th purchase made by the company in the DMV area and comes a week after Bell Partners picked up a 315-unit apartment community in Rockville, Md., from Woodfield Investments.
Located about 30 miles northwest of downtown Washington, D.C. at 22541 Hickory Hill Square, the Class A property was built in 2005 and has a mix of one-, two- and three-bedroom units averaging 1,022 square feet in size. Apartments at the property include built-in wine storage, washers and dryers and walk-in closets. Common amenities include a fitness center, a business center, Amazon hub lockers, a swimming pool and a dog park.
Fairfield Residential purchased the community in 2010 for $89.5 million from Camden Property Trust, according to Yardi Matrix data. The purchase was subject to a $84.3 million loan that matures in October 2025. In 2018, the property was recapitalized in an undisclosed sale that added Brookfield Properties to the ownership group.
In September, Bell Partners announced it had teamed up with developer Signature Property Group (SPG) to manage the company’s eight communities in North Carolina. Under the new partnership, Bell Partners will also become the manager for SPG’s future developments.