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.

|

The property, which was originally built in 1989, recently beganan interior unit renovation. To date, 45% of the units have beenrenovated, and Bell will complete the remaining renovations overthe next two years.

|

It is a value-add play for Bell Partners, NickolayBochilo, SVP of Investments, says in a prepared statement."We believe the property's location and nearby amenities will beappealing to renters for years to come and look forward to makingimprovements to the property in the coming years."

|

The community consists of three-story and four-story residentialbuildings. Year to date, Bell has completed more than $411 millionin apartment transactions, including the purchase of Bell FairOaks.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.