Upscale Apartments in Downtown Durham Change Hands

By Adriana Pop, Associate Editor

Durham, N.C.–A fund managed by Greensboro-based Bell Partners paid approximately $54.6 million, or about $160,441 per unit, for 605 West, an apartment building that opened in 2014 in downtown Durham.

Swimming Pool at Bell West End in Durham

The company purchased the 340-unit community from its original developer, a joint venture between Memphis-based EdR and Javelin 19 Investments of Washington, D.C.

Bell Partners will manage the property, which has been renamed Bell West End. The complex comprises a mix of one- and two-bedroom apartments with nine-foot and 10-foot ceilings with track LED lighting, ceiling fans, granite counters, kitchen island and breakfast bar, Energy Star stainless steel appliances and full size washers and dryers. Units also offer separate dining areas, as well as an exterior patio/balcony, coat closets, linen closets, walk-in closets and bike storage.

Community amenities include a spacious clubhouse, fitness center, yoga studio, numerous conference rooms and meeting nooks and a pet park. There is also a heated saltwater pool with large screen TVs, an outdoor kitchen and lounge area and an outdoor terrace with a fireplace.

Bell West End is strategically located at 605 W. Chapel Hill St., near the intersection with the Durham Freeway, an area that connects Duke University’s entrance to downtown Durham and the Triangle. The community also offers easy access to Brightleaf Square, the Warehouse District, Central Park and City Center.

The purchase of Bell West End marks the third multifamily acquisition for Bell Partners in 2016, as well as the 19^th community in the company’s Raleigh/Durham apartment portfolio. In 2015, Bell completed $1.47 billion in total apartment transactions.

As part of a joint-venture, Bell Partners was also involved in the $187 million sale of the West Village mixed-use community in downtown Durham in February.

Image courtesy of Bell Partners