Bell Partners, one of the nation’s largest apartment investment and management companies, has acquired Cherrywood Village in Parker and Luna Bella in Lafayette. The deal also included Bridges at Kendall, located in Miami, Florida.
The properties were purchased on behalf of the Company’s Bell Value-Add Fund VIII in separate transactions for a total of $264.3 million. The communities have been renamed Bell Parker, Bell Lafayette and Bell Kendall West, respectively.
“Our deep local presence in our 12 target regions enables us to find quality assets in submarkets where we see a favorable growth outlook and attractive intrinsic value,” said Nickolay Bochilo, chief investment officer at Bell Partners. “We look forward to repositioning these three assets and to provide affordable rental options relevative to resident incomes and for-sale housing.”
- Completed in 2002, Bell Parker is a 360-unit garden-style community located at 16950 Carlson Dr. in Parker. The Company acquired Bell Parker in January from Starwood / SREIT for $103.3 million. JLL acted as the broker.
- Completed in 2016, Bell Lafayette is a 240-unit garden-style community located at 695 S. Lafayette Dr. in Lafayette. The Company acquired the community in December from Buchanan Street Partners for $82.5 million. Walker & Dunlop acted as the broker.
With these three acquisitions, Bell Partners now owns or manages a portfolio of 18 communities containing 6,100 apartment homes in the state of Colorado, and nine communities containing over 2,500 apartment homes in South Florida. With over 2,100 associates and nine offices, Bell Partners offers an extensive full-service vertically integrated national platform of expertise in property management, acquisitions, construction, financing, accounting, risk management, and related support functions.
