Greensboro’s Bell Partners Pays $313M for Four-Property Residential Portfolio

Greensboro, NC-based Bell Partners, Inc., has acquired a portfolio of four apartment communities for $313 million, including Sidney at Morningside in Atlanta, GA. The 846-unit portfolio was purchased on behalf of Bell Apartment Fund VII investors and includes:

• Sidney at Morningside in Atlanta, GA (to be renamed Bell Morningside)
• Residences at Starwood in Frisco, TX (to be renamed Bell Starwood)
• Touchstone Apartments in Broomfield, CO (to be renamed Bell Broomfield)
• Montecito Apartments, located in Santa Clarita, CA (to be renamed Bell Valencia)

“At a time of increased turbulence in the capital markets, this portfolio fits our long-term strategy of pursuing investments in our target markets where we can leverage our local experience and extensive operating platform to enhance performance, using disciplined underwriting to reflect current and projected market conditions,” said Nickolay Bochilo, EVP of investments at Bell Partners.

Sidney at Morningside was completed in 2009 as for-sale condos and contains 110 apartment homes with a larger than typical floor plan averaging 1,557 square feet. It is close to Emory University and retail amenities including the Ansley Mall and Trader Joe’s and easy access to employment centers in Decatur, Midtown, Downtown and Buckhead.

Photo: Sidney at Morningside