FAIRFAX, VA—Bell Partners, a Greensboro, NC-based real estate investment firm, has scooped up a local apartment building, Fair Oaks at Pender Creek. The company announced the purchase but declined to provide the purchase price. A source tells GlobeSt.com that it traded for $51.7 million approximately, or $210,030 per unit.
The last time this property, which is currently 95% occupied traded, was in September 2004 for $40 million. Clarion Partners was the seller and ARA brokered the deal.
Fair Oaks at Pender Creek is a 246-unit garden style community. It will be renamed Bell Fair Oaks and will be managed by Bell Partners.
The property, which was originally built in 1989, recently began an interior unit renovation. To date, 45% of the units have been renovated, and Bell will complete the remaining renovations over the next two years.
It is a value-add play for Bell Partners, Nickolay Bochilo, SVP of Investments, says in a prepared statement. "We believe the property's location and nearby amenities will be appealing to renters for years to come and look forward to making improvements to the property in the coming years."
The community consists of three-story and four-story residential buildings. Year to date, Bell has completed more than $411 million in apartment transactions, including the purchase of Bell Fair Oaks.
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