Bell Partners Buys Florida Apartment Property

Bell Partners has purchased Aventine at Deerwood, a class “A” apartment community located in Jacksonville, FL.

Bell Fund III and a Bell Partners-sponsored ownership entity bought Aventine at Deerwood, a 282-unit community in the Southside sub market of Jacksonville. This is the second acquisition for Bell Fund III, following the purchase of a multifamily property in Dallas, TX in September.

The property was built in 2002 by Wood Partners and was operated shortly thereafter by Bell Partners. Aventine at Deerwood was named as the 2008 Luxury Community of the Year in Jacksonville.

Bell Vice President of Investments Joe Cannon commented, "The purchase of Aventine at Deerwood represents a continuance of our Bell Fund III investment strategy of purchasing high-quality, well-located apartment and senior living properties in our target markets through the Mid-Atlantic, the Southeast and Texas."

Located on 14.9 acres and including 10 three-story buildings, Aventine offers five floor plans and is approximately 94 percent occupied. Property amenities include a well-appointed clubhouse, a resort-style swimming pool, fitness center, an adjacent lake and garages, among other resident friendly features.

The property fronts on Touchton Road, which provides easy access to both St. Johns Center and Deerwood Park, a multimillion square foot office park and regional employment center.

Bell Partners' real estate investment and management portfolio is valued at approximately $5 billion. The portfolio, spread among 16 states, includes approximately 57,000 apartments, 2,500 senior living beds and 5.6 million square feet of retail and office properties. More information can be found at www.bellpartnersinc.com.

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