Bell Partners Buys Brassfield Apartments

Bell Partners has purchased Brassfield Park Apartments in Greensboro, NC, bringing to nine the number of multi-family holdings for the Greensboro-based company in the Triad.

The acquisition for $22.8 million was led by Bell Fund III and a group of private investors. Brassfield Park, which was purchased from a private investment firm in Atlanta, GA, will now be managed by Bell.

Joe Cannon, Bell's vice president of investment services, noted, "This purchase fits our Fund III investment strategy of buying high-quality, well-located apartment properties in the mid-Atlantic, Southeast and Texas markets."

Brassfield Park, built in 1997, is a 336-unit, Class A apartment property located in northwest Greensboro near three other Bell-owned and managed communities, Lincoln Green, Park Forest and Lake Brandt apartments.

Brassfield's location is enhanced by immediate proximity to Bryan Parkway, providing easy access to leading employment centers, the Piedmont Triad International Airport and the Green Valley retail center.

Bell officials are contemplating a renovation of the Brassfield clubhouse and a partial interior renovation throughout. The property already features a full range of amenities, including 9-foot ceilings, patio/decks and walk-in closets.

Brassfield Park is the fifth apartment acquisition made recently by Bell Fund III. In total, the purchases exceed $135 million and include assets in Dallas, TX, Jacksonville, FL, Chapel Hill, NC and now Greensboro, NC. Bell hopes to grow the Fund by acquiring another $150 million in properties in the next six to nine months.

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