Bell Partners Makes Greensboro Apartment Purchase

GREENSBORO, NC--Bell Partners Inc. has announced that Bell Fund III and a group of individual investors have purchased Arbors at Landmark Apartments, a multifamily community in southwest Greensboro.

Arbors at Landmark was built in 1999. It has almost 230,000 square feet of rental space, is 96.9% occupied, has 232 units of varying size and comprises 19 residential, two-story buildings. It is situated on 22.1 acres one mile west of Interstate 40 on Bridford Parkway.

Bell officials envision upgrading some of the one, two and three- bedroom apartments, remodeling the clubhouse and model with new décor, purchasing new equipment for the fitness center and re-landscaping within the next year, among other property enhancements.

As part of a new branding strategy at Bell Partners, the new acquisition will be renamed Bell Bridford. During a transition now underway, many of the Bell multifamily properties are being given the Bell name in similar fashion.

What will soon be Bell Bridford is the 13th acquisition by Bell Fund III, representing roughly $385 million worth of apartment properties acquired by Fund III and various co-investors in the past 18 months.

Bell Partners, which was recently named the 10th largest apartment management company for the third year in a row and 25th largest apartment owner in the U.S. by the National Multi-Housing Council, will provide property management at Bell Bridford through its Bell Apartment Living division.

Joe Cannon, Bell's vice president of investments, commented, “We are excited to bring this property into our portfolio. We believe the asset is positioned for future growth and is well aligned with our Fund III investment objectives of acquiring well-located, high-quality properties across the Mid-Atlantic, Southeast and Southwest."

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