Bell Partners to Manage 8 More Communities
- Sep 29, 2020
National apartment investment and management firm Bell Partners has teamed up with North Carolina developer Signature Property Group (SPG) to manage the company’s eight communities in the southeastern state. Under the new partnership, Bell Partners will also become the manager for SPG’s future developments.
SPG’s portfolio includes four communities in Greensboro and one each in Raleigh, Burlington, Graham and Mebane, totaling 2,414 units. The company, which has developed and built more than 4,700 units since its founding in 1990, has another 1,200 units in the pipeline.
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The eight existing properties were typically built in the last 20 years, with several completed since 2017. SPG’s newest property is Elevate 54, completed last year at 230 Pine Knot Lane in Graham. The luxury three-story community includes a mix of one- and two-bedroom homes totaling 288 units.
The largest community is The Gardens at Anthony House, which features 600 units at 3223 Pleasant Garden Road in Greensboro and was built in phases from 2008 to 2014. The property’s one- and two-bedroom units are about 95 percent occupied, according to Yardi Matrix data.
SPG’s octet of properties includes:
- The Gardens at Anthony House: 3223 Pleasant Garden Road, Greensboro
- Campus Crossing: 2813 Spring Garden St., Greensboro (student housing)
- Avery Square: 401 Friendway, Greensboro
- Addison Point: 6227 Nile Place, Greensboro
- Elevate 54: 230 Pine Knot Lane, Graham
- Elevate Brier Creek: 9921 Horizon Overlook Drive, Raleigh
- Wayfair at Garden Crossing: 130 Canary Place, Burlington
- 119 South Apartments: 3000 Bluebird Lane, Mebane
Apartment manager grows
A spokesperson for SPG told Multi-Housing News that the company has further properties under construction in Fuquay-Varina, Mooresville and Graham, N.C. The firm also has under-contract land and is going through entitlement for similar developments in Durham, Garner and Knightdale, N.C., as well as Indian Lake, S.C.
Privately held Bell Partners ranked #23 on the National Multifamily Housing Council’s top 50 apartment managers list for 2020, with about 60,000 units under management in the U.S. The Greensboro-based firm completed about $1 billion of apartment deals in 2019 and this past June closed a new fund with $950 million in equity commitments. The Bell Apartment Fund VII has the capacity to purchase more than $2.4 billion in apartment assets with leverage.
In January, the company purchased a pair of multifamily properties north of Dallas in Frisco, Texas, on behalf of investors in the same fund. Bell Partners merged the two properties into a single community totaling 722 units, Bell Frisco Market Center.