Bell Partners Announces Raleigh Apartment Purchase
Bell Partners Inc., headquartered in Greensboro, NC has announced the purchase of Raleigh’s Autumn River Apartments in Raleigh, NC by Bell Fund III and TRECAP Partners. The new property adds to a Bell Partners multi-family portfolio of approximately 60,000 apartment homes. The Autumn River apartment community is located in North Raleigh at 1302 Rio Valley Drive. It is a 284-unit community on 20 acres adjacent to Alta Oak Ridge, a Bell-owned senior living location. Following a new branding strategy at Bell Partners, the acquisition is being renamed Bell Falls River. Over a transition period, many of the Bell multi-family properties will be given the Bell name in similar fashion. Bell Falls River is the 12th acquisition by Bell Fund III and will be managed by Bell Partners. Joe Cannon, Bell’s vice president of investments, commented, “This acquisition is consistent with our investment objectives of acquiring high-quality, well-located multifamily properties throughout the Mid-Atlantic, Southeast and Southwest. The property is a strong complement to our existing Raleigh portfolio and is well positioned for future growth.” TRECAP Partners provides real estate investment management and advisory services to pension funds, corporations, sovereign wealth funds, endowments, insurance companies, banks and high-net-worth money managers. The company had $3.6 billion in assets under management and supervision in the United States and Europe at year-end 2010. Bell Falls River was built in 2001, includes about 317,394 square feet of rental space and is currently 94 percent occupied. It offers one-, two- and three-bedroom apartments in 13 residential three-story buildings, with 11 floor plans averaging 1,118 square feet.
About Bell Partners Inc.
Established in 1976, Bell Partners Inc. (“Bell Partners” or the “Company”) is a privately held, vertically integrated apartment investment and management company focused on high-quality multifamily communities throughout the United States. Bell Partners has over 60,000 units under management and over 20,000 apartments under renovation. The Company has over 1,600 associates and 6 offices (including its headquarters in Greensboro, NC) and offers an extensive and full service operating platform containing expertise in acquisitions and dispositions, financing, property operations, construction, accounting, risk management, market research and all other related support functions. Bell Partners is led by a senior management team with an average of over 20 years of experience that has invested throughout all phases of the real estate cycle and has helped the Company complete over $10 billion of apartment transactions since 2002, including almost $1.5 billion of activity in 2015 alone. For more information, visit our website at www.bellpartnersinc.neoscapelabs.com.