FAIRFAX, VA—Bell Partners, a Greensboro,NC-based real estate investment firm, has scooped up a localapartment building, Fair Oaks at Pender Creek. Thecompany announced the purchase but declined to provide the purchaseprice. A source tells GlobeSt.com that it traded for $51.7million approximately, or $210,030 perunit.
The last time this property, which is currently 95% occupiedtraded, was in September 2004 for $40 million. ClarionPartners was the seller and ARA brokeredthe deal.
Fair Oaks at Pender Creek is a 246-unit garden style community.It will be renamed Bell Fair Oaks and will bemanaged by Bell Partners.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
