Bell Achieves Ranking As Top 40 Apartment Management Company In The U.S.

Steven D. Bell & Company of Greensboro has assumed management of an additional 8,402 apartment units across the Southeastern U.S., bringing the company’s unit management count to more than 26,000 and placing Bell among the nation’s top 40 multi-family property managers.

The 45 percent increase in units under management was primarily driven by an agreement with Wilkinson Real Estate Advisors of Atlanta. The arrangement assigns Bell on-site management of 32 former Wilkinson-managed multi-family properties in Atlanta, Augusta, GA, Knoxville, Tenn., Chattanooga, Tenn., Kingsport, Tenn., and Greenville, S.C.

In addition, Bell officials signed agreements with Boston Capital to take over management of three properties in Jacksonville, Fla., and with Fortress Capital of Norfolk to manage a single property in Atlanta. The company will also assume management of another property in Atlanta related to a recent company purchase.

All told, Bell is now overseeing operations at 109 apartment communities with a total unit count of 26,400, in addition to its retail, office and senior living investment management in 45 other locations.

Bell company founder Steve Bell said, “This is an extraordinary expansion for us and a direct outgrowth of our 30 years experience in managing properties well. It’s especially exciting because we believe our larger, enhanced management platform will enable us to deliver better service to all of our owners. We are not growing for growth’s sake.”

According to Bell officials, the expansion would rank Bell among the nation’s 40 largest apartment management companies according to a recently released list published by the National Multi Housing Council.

Bell Vice President Jon Bell noted that the agreements add about 160 employees to Bell. As a result of the increased management, Bell will also add six people to its Greensboro home office, including four accounting personnel and two senior apartment division executives.

Steven D. Bell & Company now has more than 1,400 employees, 60 of whom work in the company’s headquarters in downtown Greensboro.

Jon Bell said, “Purchasing the Wilkinson management contracts helps us achieve a management goal of 25,000 units. A management portfolio of this size provides critical mass and operating efficiencies which were unachievable with a smaller portfolio. We were only willing to acquire management contracts from a firm with a strong company values.”

He added, “Wilkinson has many of the characteristics we deemed necessary, particularly their strong, family-oriented culture. We are also very pleased to be working with Boston Capital.”

Founded in 1974, Boston Capital is one of the nation’s leading real estate financing and investment firms, with multifamily housing and commercial holdings in 48 states, Puerto Rico and the U.S. Virgin Islands.

Boston Capital offers a full range of services including tax credit and REIT investments, equity for market-rate multifamily housing development and equity and debt for affordable multifamily housing development.

The rapid expansion of apartment unit management has also had a major impact on Bell’s internal structure, according to Bell President Ed Harrington.

Harrington explained, “The size and locations of these new properties allows us to better utilize our talent and to take advantage of our new employees. We are increasing our regional vice president positions from two to three and have completed a significant redistribution of property responsibilities.”

Steven D. Bell & Company oversees real estate investments throughout the Southeast and Texas, now managing a portfolio valued at approximately $2.4 billion.

With this latest huge expansion in its unit management responsibilities, Bell oversees 26,400 multifamily units, 29 retail and commercial properties with almost 5,500,000 square feet and 17 senior living communities containing more than 1,200 beds.

MORE ABOUT WILKINSON

Wilkinson has been in business for 25 years under the leadership of principals Jerry Wilkinson and Jere Brady. Wilkinson Real Estate Advisors, Inc. (WREA) is committed to providing quality apartment homes with an emphasis on affordability and professional care.

WREA has completed more than $100 million of advisory and brokerage assignments since 1994 for both proprietary and third-party accounts. These transactions have included acquisitions and related financing, mortgage, equity brokerage and property refinancing for more than 30 multifamily properties.

Wilkinson specializes in acquisition of existing properties throughout the Southeast with an emphasis on physical renovation and innovative management techniques. Wilkinson has more than 20 years of intensive experience in multi-family ownership and management.

»See previous press release