Bell Partners Inc., one of the nation’s leading apartment investment and management companies, Monday announced it has acquired Sidney at Morningside, located in Atlanta, GA (to be renamed Bell Morningside), part of a portfolio of four apartment communities totaling 846 apartment homes located in four of its target markets.
The total purchase price was $313 million. The portfolio was purchased on behalf of Bell Apartment Fund VII investors. The other three properties acquired include Residences at Starwood, located in Frisco, TX (to be renamed Bell Starwood); Touchstone Apartments, located in Broomfield, CO (to be renamed Bell Broomfield); and Montecito Apartments, located in Santa Clarita, CA (to be renamed Bell Valencia).
“We are excited to acquire a portfolio of high-quality, differentiated properties located in submarkets with healthy supply and demand fundamentals,” said Nickolay Bochilo, EVP of Investments at Bell Partners. “At a time of increased turbulence in the capital markets, this portfolio fits our long-term strategy of pursuing investments in our target markets where we can leverage our local experience and extensive operating platform to enhance performance, using disciplined underwriting to reflect current and projected market conditions.”
Morningside was completed in 2009 and contains 110 apartment homes with a larger than typical floor plan averaging 1,557 square feet. Its location in an attractive residential area is close to Emory University and retail amenities including the Ansley Mall and Trader Joe’s, and provides easy access to employment centers in Decatur, Midtown, Downtown, and Buckhead. The community was originally constructed as for-sale condominiums and features large floorplans with amenities and on-site features including a high-tech fitness center, game room, saltwater pool, and a dog park.