Bell Partners Announces Sale of Luxury Community in Birmingham
Greensboro, NC — Bell Partners Inc., one of the nation’s leading apartment investment and management companies, announced today it has sold Chace Lake Villas to Bluerock Real Estate, LLC, on behalf of their investors. The community is located in the suburbs of Birmingham, Alabama. Chace Lake Villas closed on September 28, 2012. The community was originally purchased by Bell-sponsored investors, in December 2002. Chace Lake Villas is a luxury property containing 264 units with one and two bedroom apartment homes. Its amenities include a state-of-the art fitness center, multiple sports courts and a resort-style swimming pool. It is located in proximity to a major shopping area in Birmingham. Bell Partners will retain management of the property. Nickolay Bochilo, Vice President of investments at Bell Partners said, “We are pleased to have successfully completed the sale, which resulted in favorable investment returns to our clients. We will continue to explore similar dispositions when market opportunities provide for a profitable outcome.”
About Bell Partners Inc.
Bell Partners Inc. is one of the country’s leading apartment investment and management companies. The company invests capital on behalf of accredited high net worth and institutional investors. Through its Bell Apartment Living division, the company is the 10th largest apartment operator in the United States, according to the National Multi-Housing Council. Founded more than 35 years ago and now employing approximately 1,700 associates, Bell Partners oversees a portfolio valued at over $4.4 billion across 15 states, mostly in the Mid-Atlantic, Southeast and Southwest. Bell Partners now owns or operates 246 apartment properties, located generally in the Mid-Atlantic, Southeast and Southwest. Bell’s portfolio includes more than 69,000 apartments.