Bell Closes On Two Apartment Properties Valued At More Than $26 Million

GREENSBORO, N.C.— Steven D. Bell & Company recently purchased apartment communities in Arkansas and North Carolina, including The Beckanna, a landmark property high rise near Crabtree Valley Mall in Raleigh.

The Beckanna was acquired for $16.4 million from Beckanna LLC, which recently completed an extensive renovation of the 254-unit complex. Beckanna was built in 1963 and is accessible from Glenwood Avenue near the I-440 exits.

Bell President Ed Harrington noted, “Glenwood Avenue is an outstanding corridor in West Raleigh and The Beckanna is located in the heart of that activity. The nearby Crabtree Valley complex is also a plus.”

Bell Fund I purchased 100 percent of the property. Beckanna is has been home to two generations of Raleigh residents.

Also, Bell has closed on Pleasant Valley Pointe, a 112-unit apartment complex in Little Rock, Ark. Purchased from AIMCO, a Denver-based real estate investment trust, the property sold for about $10 million.

Bell has now purchased five apartment properties in the Little Rock area from AIMCO. Bell Fund I acquired the Pleasant Valley Pointe property in a joint venture with Covenant Capital Group.

The Arkansas property is adjacent to one of Little Rock’s finest neighborhoods and offers one, two and three-bedroom apartments with an average size of 1,341 square feet.

Steven D. Bell & Company, headquartered here, oversees real estate investments throughout the Southeast and Texas, now managing a portfolio valued at approximately $3.3 billion. It consists of approximately 30,000 multifamily units, 4.7 million square feet of retail and office space and 20 senior living properties.

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