Last week, Bell Partners announced it had acquired two properties in Denver and one in Miami on behalf of its Bell Value-Add Fund VIII in separate transactions for a total of $264.3 million, according to a release shared with Multifamily Dive.
The properties are:
- Cherrywood Village, completed in 2002, which has been renamed Bell Parker. The company acquired the 360-unit garden-style community in the Denver submarket of Parker, Colorado, from Miami Beach, Florida-based private investment firm Starwood/SREIT for $103.3 million. JLL acted as the broker.
- Luna Bella, completed in 2016, which has been renamed Bell Lafayette. The company acquired the 240-unit garden-style community, located in the Denver submarket of Lafayette, Colorado, from Newport Beach, California-based real estate investment management firm Buchanan Street Partners for $82.5 million. Walker & Dunlop acted as the broker.
- Bridges at Kendall, completed in 2013, which has been renamed Bell Kendall West. The company acquired the 228-unit garden-style community in Miami in November from San Francisco-based real estate investment management firm Stockbridge Real Estate for $78.5 million. CBRE & Eastdil Secured acted as the brokers.
Bell plans to renovate the properties. “We look forward to repositioning these three assets and to provide affordable rental options relative to resident incomes and for-sale housing,” said Nickolay Bochilo, chief investment officer at Bell Partners, in the news release.
With the three acquisitions, Bell Partners now owns or manages 18 communities encompassing 6,100 apartment homes in Colorado and nine communities containing over 2,500 apartment homes in South Florida.
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