Bell Sells Two Apartment Communities For More Than $51 Million

GREENSBORO, N.C.— Steven D. Bell & Company recently completed the sale of two apartment properties located in Chapel Hill and Metro Atlanta for a combined price of approximately $51 million.

Notting Hill in Chapel Hill was sold to Crow Holdings for approximately $25.3 million. The 200-unit apartment community was constructed in a joint venture with Wood partners in 2000.

Apartment Realty Advisors represented the Bell investors in the transaction. The property is located at 100 Drew Hill Lane.

Carrington Ridge, a 290-unit community located in Henry County in surburban Atlanta, was sold to TIC Properties for $25.75 million. Cushman & Wakefield was the broker representing Bell-sponsored investors in the sale.

Bell executive David Bell commented, “Both of these properties have performed well under the management of Bell personnel. We received excellent offers in both instances that provided strong benefits to our investors.”

Steven D. Bell & Company will continue on-site management of both Notting Hill and Carrington Ridge.

Steven D. Bell & Company, headquartered here, oversees real estate investments throughout the Southeast and Texas and is now managing a portfolio valued at approximately $3.3 billion. It consists of approximately 30,000 multifamily units, 4.7 million square feet of retail and office space and 20 senior living properties.

»See previous press release