FOR IMMEDIATE RELEASE
CONTACT: Joe Cannon
April 14, 2011
Bell Partners Announces Raleigh Apartment Purchase
Bell Partners Inc., headquartered in Greensboro, NC has announced the purchase of Raleigh's Autumn River Apartments in Raleigh, NC by Bell Fund III and TRECAP Partners. The new property adds to a Bell Partners multi-family portfolio of approximately 60,000 apartment homes.
The Autumn River apartment community is located in North Raleigh at 1302 Rio Valley Drive. It is a 284-unit community on 20 acres adjacent to Alta Oak Ridge, a Bell-owned senior living location.
Following a new branding strategy at Bell Partners, the acquisition is being renamed Bell Falls River. Over a transition period, many of the Bell multi-family properties will be given the Bell name in similar fashion. Bell Falls River is the 12th acquisition by Bell Fund III and will be managed by Bell Partners.
Joe Cannon, Bell's vice president of investments, commented, “This acquisition is consistent with our investment objectives of acquiring high-quality, well-located multifamily properties throughout the Mid-Atlantic, Southeast and Southwest. The property is a strong complement to our existing Raleigh portfolio and is well positioned for future growth.”
TRECAP Partners provides real estate investment management and advisory services to pension funds, corporations, sovereign wealth funds, endowments, insurance companies, banks and high-net-worth money managers. The company had $3.6 billion in assets under management and supervision in the United States and Europe at year-end 2010.
Bell Falls River was built in 2001, includes about 317,394 square feet of rental space and is currently 94 percent occupied. It offers one-, two- and three-bedroom apartments in 13 residential three-story buildings, with 11 floor plans averaging 1,118 square feet.
About Bell Partners Inc.
Bell Partners Inc. is one of the country’s leading apartment investment and management companies. The company invests capital on behalf of accredited high net worth and institutional investors via a series of separate accounts and co-mingled funds. Its subsidiary, Bell Apartment Living, is the 10th largest apartment operator in the United States, according to the National Multi-Housing Council. Founded 35 years ago and now employing more than 3,000 associates, Bell Partners oversees a portfolio valued at approximately $5 billion across 15 states, mostly in the Mid-Atlantic, Southeast and Southwest.
