Bell Partners Snags Virginia Apartments
- Jun 13, 2019
Bell Partners has acquired Twenty400, a 217-unit apartment community in Arlington, Va., on behalf of its Fund VI investors,. The property has been rebranded as Bell Arlington Ridge. The firm will manage the asset, bringing its portfolio to more than 50,000 units.
“The acquisition of Bell Arlington Ridge is in part driven by our outlook for the growth in the submarket and in part due to an opportunity to improve the physical and operational characteristics of the property to align with consumer demands in the coming five to seven years,” Nickolay Bochilo, Bell Partners’ executive vice president of investments, told Multi-Housing News. “We have built a strong portfolio of communities in the D.C. metro area. This acquisition builds on our position in this important market.”
The Bell Partners portfolio of owned and managed assets in the DC metro consists of 22 communities and over 6,800 homes.
“This scale provides insights into market trends and enhances our investment decision process,” Bochilo said. “DC metro has experienced moderate growth over the past 5 years in part due to elevated levels of new apartment supply. This, coupled with the Amazon HQ2 announcement and related economic impact, gave us confidence in a more robust growth outlook for the DC metro economy. Recent trends suggest that fundamentals are strengthening as a result of a healthy employment market (both job and income growth) in the DC metro area.”
Originally constructed in 2010, the property offers studios, one- and two-bedroom units. All feature nine-foot ceilings, granite countertops and energy-efficient stainless-steel appliances.
A Prime Locale
Located at 2400 24th Road, Bell Arlington Ridge is in a prime location for public transportation, and also provides access to some of the largest and fastest-growing job hubs in the area.
“The property is five minutes from the new Amazon headquarters in National Landing and the Pentagon, and is also close to major D.C. metro area employment hubs such as Mark Center and the Rosslyn-Ballston Corridor,” Bochilo said. “Arlington is fast becoming one of the most desirable places to live and work not just in the D.C. metro area, but in the country.”
Bell Partners’ plan is to make various physical and operational enhancements to the community, which should result in a high quality living experience for the current and future residents.