GREENSBORO, NC — Bell Partners Inc., one of the nation’s leading apartment investment and management companies, announced that it completed the sale of two properties for a cumulative sale price of more than $100 million in December. The two communities are: Bell Biltmore Park in Asheville, North Carolina and Bell Cheshire Bridge in Atlanta, Georgia. Bell Partners will retain property management responsibilities for Bell Biltmore Park.
Bell Fund III, along with other Bell-related entities, purchased Bell Biltmore Park in December 2010. This property was sold to Chaucer Creek on December 7, 2016. Bell Fund III, along with other Bell-related entities, purchased Bell Cheshire Bridge in June 2010. The property was sold to Radco Companies on December 8, 2016.
Lili Dunn, President of Bell Partners, said: “We are pleased with the outcome of these two transactions. As a result of our team’s exceptional collaborative efforts, Bell has generated attractive returns for our investors across multiple Funds. We continue to be an aggressive seller, and judicious buyer.”
During 2016, Bell has sold 12 properties for $475 million and has acquired 12 apartment communities comprised of 3,575 units for $791 million, totaling nearly $1.3 billion in total transactions. In 2015, Bell sold 24 properties for $800 million and acquired nine apartment communities comprised of 3,222 units for $670 million, totaling $1.47 billion in total transactions. 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 throughout the United States. With approximately 60,000 units under management, Bell Partners is the 13th largest apartment operator in the United States (according to The National Multi-Housing Council) and one of the largest renovators in the country. The Company has over 1,600 associates and 7 offices (including its headquarters in Greensboro, NC) and offers an extensive and full service 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 over $12 billion of apartment transactions since 2002, including nearly $1.3 billion in 2016 transactions. For more information, visit our website at www.bellpartnersinc.com.