November 15, 2010

Bell acquires luxury property in Chesapeake, VA

On behalf of the Investment Services Group, we are pleased to announce that Bell Fund III and a group of high net worth ownership entities purchased Alta Great Bridge Apartments as scheduled today. The property is a 192-unit multifamily community offering one, two and three bedroom luxury apartment homes located on approximately 12.3 acres in Chesapeake, Virginia.

We plan on implementing a new branding strategy and will rename the property as Bell Great Bridge Apartments. The asset is the eighth acquisition by Bell Fund III and will be managed by Bell Partners Inc.

Bell Great Bridge was built in 2009, contains about 199,398 square feet of rental space, is 91.67% occupied, has 8 residential two/three story buildings as well as a clubhouse, resort-style swimming pool, fitness center, business center, billiard room, cyber cafe, and parking garages to name a few amenities. The very spacious and functional floor plans offer an average of 1,039 square feet in addition to nine-foot ceilings with crown molding, walk-in closets, gourmet kitchens, garden tubs, washer/dryer connections, sunrooms and built-in computer stations are also available.


The property information is:

Bell Great Bridge Apartments
124 Fairwind Dr
Chesapeake, VA
Phone (757) 382-0660
Fax (757) 382-0662
greatbridge@bellpartnersinc.com
http://www.bellgreatbridge.com