Bell Partners Acquires Dallas Apartment Community: Bell Bishop Arts
Greensboro, NC- Bell Partners Inc., one of the nation’s leading apartment investment and management companies, announced today that, on behalf of its investors, it has acquired Alta West Davis Apartments, a 207-unit Class “A” community in the Bishop Arts District area of Dallas. The transaction closed on December 20, 2013. The property will be renamed Bell Bishop Arts and will be managed by Bell Partners.
Completed in 2013 by Wood Partners, the Bell Bishop Arts apartment community is located in the Bishop Arts District, an emerging Dallas neighborhood known for its destination restaurants, boutique retail shops and art galleries. The neighborhood, approximately three miles southwest of the Dallas downtown area, is situated in one of the City’s leading school districts. The property has nearly completed the initial lease-up, with the current occupancy at approximately 90 percent.
Bell Bishop Arts’ studios, one and two bedroom unit floor plans are open and functional, with an average unit size of 863 square feet. Individual units offer a variety of features including 10′ ceilings on first floor units and 9′ ceilings on other levels, Whirlpool stainless steel appliances, glass and marble mosaic tile backsplash, natural wood cabinetry, brushed nickel fixtures, soaking tubs, private patios or balconies, energy efficient top-load washers and dryers, and walk-in closets.
Community amenities include a resort style pool with cabana, bike rental and repair shop, modern fitness center with TechnoGym equipment, resident lounge with cyber café, controlled entry with video remote monitors, billiards table, and more. The property also recently received a LEED Silver status from the US Green Building Council.
Nickolay Bochilo, Vice President of Investments, said, “The acquisition of Alta West Davis represents a continuation of our investment strategy to acquire institutional quality communities with upside potential either through property upgrades, improved property management, or in areas undergoing transformation. This acquisition is located in one of the newest emerging submarkets of Dallas, in close proximity to Bishop Arts District, downtown and uptown jobs, and convenient access to major roads. We are pleased to add this property to our portfolio.”
To date in 2013, Bell has invested in more than $300 million in apartment properties, including the purchase of Bell Bishop Arts.
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. Bell Partners is the 7th largest apartment operator in the United States, according to the National Multi-Housing Council. Founded more than 35 years ago, Bell Partners now owns or operates 251 apartment properties, with over 70,000 apartment homes, located generally along the East coast and Southwest.