Bell Partners Announces Sale of North Carolina Apartment Community
Greensboro, NC —Bell Partners Inc., a top ten apartment investment and management company, announced today that, on behalf of its investors, it has sold Asheville, North Carolina-based Westmont Commons, to Trade Street Residential, Inc. The transaction closed December 13, 2012. Bell Partners acquired the then 180 unit apartment community in March 2006. In March 2009, 72 units were added to the community, making a total of 252 one, two and three bedroom apartment homes. Amenities include 24/7 fitness and business centers, resort-style swimming pool, coffee bar and spacious clubhouse. Westmont Commons is situated between the Blue Ridge and Great Smokey Mountains, just northwest of Downtown Asheville. It is also located in proximity to shopping, dining and other entertainment venues. At the close, Trade Street Residential will assume management of the property. Joe Cannon, Vice President of Investment at Bell Partners said, “We are pleased to have owned and operated, on behalf of our investors, Westmont Commons, a high quality and profitable community. We believe Trade Street will be an excellent steward of this community going forward, and we wish them the best.”
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.