Property: Vintage Jones Franklin, Lansbrook Village, Presidio East
Buyer: Bell Partners
Seller: Various, withheld
Property type: Various
Location: Raleigh, North Carolina; Palm Harbor, Florida; Fort Worth, Texas
Purchase price: Withheld
The multifamily sales slowdown and tightening debt environment aren’t stopping Bell Partners, which has made multiple acquisitions in the Sun Belt this summer.
Greensboro, North Carolina-based Bell’s banking partnerships and a disciplined approach to risk management allowed it to secure loans at attractive terms and leverage limits, according to Bell executive vice president of investments Nickolay Bochilo.
“Strong, long-term relationships that we maintain with lenders have provided Bell better availability and pricing than many of our competitors, enabling us to remain active on the acquisition front during the first half of 2023,” Bochilo told Multifamily Dive.
Earlier this month, Bell announced the acquisition of Vintage Jones Franklin, a 277-unit apartment community located in Raleigh, North Carolina, according to a news release. The property was acquired by Bell Core Fund I investors, and it will be renamed Bell Jones Franklin.
The property, located between suburban Cary and downtown Raleigh, offers studio, one-, two- and three-bedroom floor plans. Its amenities include a 24-hour fitness center, pet park, clubhouse and a resort-style pool with cabanas.
Two July purchases
In July, Bell’s Value-Add Fund VIII investors acquired Lansbrook Village, a 774-unit apartment community in Palm Harbor, Florida, according to a press release. The property, which will be renamed Bell Lansbrook Village, offers direct entry, townhome style units in one-, two-, three- and four-bedroom floor plans. The 85-acre property’s amenities include three pools, tennis courts, a fitness center and a pet park.
“Bell will add immediate value through repositioning management operations and through execution of a sizable renovation program to all 774 apartment homes and the asset’s common area amenities,” Bochilo said.
Also in July, Bell Core Fund I investors purchased Presidio East, a 312-unit building in Fort Worth, Texas. The property, which will be renamed Bell Presidio, has a two-story fitness center and a large saltwater pool. Bell plans light renovations to the leasing office, clubhouse and amenities.
Although transaction volume has been slow nationally, Bochilo noted that the Dallas metro remained resilient due to positive economic momentum. Bell Presidio was marketed through a limited auction process to a group of well-capitalized buyers, while Lansbrook was broadly advertised.
“For both properties, there was broad interest in the community across the capital spectrum,” Bochilo said. “Our discretionary capital and strong track record of performance across the country helped us secure both investments at a favorable price over bids from other groups.”
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