Bell Partners Makes First Major Acquisition Of 2009

Bell Partners has made its first major property acquisition in 2009 with the purchase of an apartment community in Dallas, Texas, located within walking distance from Southern Methodist University.

Purchased from Equity Residential, The Carlyle Apartments is a 180-unit multifamily property on 6.7 acres offering one- and two-bedroom apartments. The purchase was made by Bell Fund III and a Bell Partners-sponsored ownership entity. The purchase price was not announced.

Nickolay Bochilo, vice president of acquisitions / dispositions at Bell, commented, "The Carlyle purchase is consistent with our investment objectives, which are to acquire high quality apartments in markets with strong fundamentals. The property’s close proximity to SMU, public transportation and retail centers will help us attract and retain residents."

The Carlyle, constructed in 1993, consists of nine three-story buildings, a clubhouse with a fitness center and parking garages. The property currently enjoys 92 percent occupancy.

The long-range business plan for the Carlyle calls for minor capital improvements, mainly focused on amenities for the residents. Bochilo noted, "Making improvements like these helps to retain residents. It cost less to renew a lease than it does to find another renter."

Headquartered in Greensboro, N.C., Bell Partners' real estate investment and management portfolio is now valued at approximately $5 billion. It includes approximately 55,000 apartments, 28 senior living communities and more than five million square feet of retail and office properties.

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