Bell Partners Acquires Apartment Community in Metro Charlotte Area
GREENSBORO, N.C — 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 Hawfield Farms, a 210-unit garden community located in Ballantyne, an affluent suburb in south Charlotte, North Carolina. Completed in 2009 by The Hanover Companies, the community has been renamed Bell Ballantyne and will be managed by Bell Partners.
Bell Ballantyne, which was 96% occupied at the time of sale, is an upscale garden-style property with apartment homes averaging 1,582 square feet. The vast majority of apartments have direct access garages connected to individual units. Apartment features include granite countertops, stainless appliances (with side-by-side refrigerators), track lighting, travertine tile flooring, two-inch blinds, full size washer/dryers, and custom European-style cabinetry. Community amenities include a clubhouse with an attractive internet cafe including computer work stations, fitness center, and a private movie theater. The community also features a resort-style swimming pool, an outdoor fire pit and grilling areas.
Joseph Cannon, Senior Vice President of Investments, said: “The acquisition of Bell Ballantyne is well aligned with the Bell Partners investment strategy of purchasing well located, high quality apartment communities in our target markets. We are pleased to add this attractive property to our portfolio.”
The purchase of Bell Ballantyne was the 4th multifamily acquisition for Bell in 2015. With this transaction, Bell has completed over $406 million in apartment acquisitions this year. In 2014, Bell completed more than $2.6 billion in total apartment transactions.
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 across the East Coast, Southwest, and Western United States. With over 64,000 units under management, Bell Partners is the 11th largest apartment operator and 7th largest apartment renovator in the United States (according to The National Multi-Housing Council). The Company has over 1,600 employees and 9 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, accounting, risk management 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 nearly $7 billion of apartment transactions since 2002.