Bell Partners Acquires Apartment Community in Atlanta, Georgia
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 Alexander at the Perimeter, a 380-unit community in Atlanta, GA for over $75 million. The community will be renamed Bell Perimeter Center and will be managed by Bell Partners.
Completed in 2008, this institutional quality property, which was 97 percent occupied at the time of purchase, is located just off of Ashford Dunwoody Road in a strategic location within Central Perimeter. The surrounding area is home to Atlanta’s largest office submarket, containing numerous Fortune 500 companies and global employers.
The upscale mid-rise community consists of two separate buildings built over podium-style parking garages and features 14 distinct floor plans with units that average 987 square feet in size and are well suited for the surrounding demographics. Property amenities include a tastefully designed clubhouse with a fitness center, an expansive club room with an upgraded kitchen area, media lounge, billiards area, and conference room as well as two outdoor pools (one at each building), three exterior courtyards, grilling areas, and an outdoor fireplace.
Interiors feature include granite countertops, 9′ ceilings with crown molding, walk-in closets, tile flooring in kitchens and baths, espresso cabinets, stainless steel appliances including built-in microwaves, washers/dryers, ceiling fans, island kitchens and built-in desks.
Joseph Cannon, Senior Vice President of Investments, said: “We are pleased to expand our Atlanta footprint with this high-quality, fully-amenitized community in one of Atlanta’s most desirable urban submarkets. Bell Perimeter Center offers convenient access to major business hubs, key transportation thoroughfares, and a variety of upscale retail amenities.”
The purchase of Bell Perimeter Center is the seventh multifamily acquisition for Bell in 2016. In 2015, Bell completed $1.47 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 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.com.