Investment for Core venture as metro Raleigh undergoes significant economic growth
GREENSBORO, N.C., Aug. 15, 2023 /PRNewswire/ — Bell Partners (the “Company”), one of the nation’s leading apartment investment and management companies, today announced it has acquired Vintage Jones Franklin, a 277-unit apartment community located in Raleigh, North Carolina. The community was acquired on behalf of Bell Core Fund I investors and will be renamed Bell Jones Franklin.
Completed in 2022, Bell Jones Franklin is located between suburban Cary and downtown Raleigh at the intersection of I-40, I-440 and U.S. 1, offering access to major retail and employment centers including Weston Parkway Office Park and Research Triangle Park. The Raleigh-Durham–Chapel Hill metro area is home to 14 Fortune 500 companies and three nationally recognized doctoral research universities, providing a large pool of highly skilled workers.
“The acquisition of Vintage Jones Franklin was a result of Bell’s deep local knowledge in the Raleigh metro area and a strong relationship with the developer,” said Nickolay Bochilo, EVP of Investments at Bell Partners. “This investment reflects our conviction in the long-term growth and stability of the Raleigh market, improving immediate location and exceptional product that should suit the needs of current and future residents.”
Completed in 2022, Bell Jones Franklin offers modern apartments in studio, one-, two- and three-bedroom floor plans. Amenities include a 24-hour fitness center, pet park, clubhouse and a resort-style pool with cabanas. Residents enjoy easy access to entertainment, retail and lifestyle amenities with over 280 stores located in a three-mile radius.
With the addition of Bell Jones Franklin, Bell Partners now owns and/or manages 40 communities containing over 12,000 apartment homes in the Raleigh metropolitan area. Bell Partners is actively investing in 14 target markets located in the Northeast, Mid-Atlantic, Southeast, Texas and West Coast. The company broadened its footprint into the western U.S. in recent years and has added over 10,400 apartment homes to its management portfolio over the last 12 months.
About Bell Partners Inc.
Established in 1976, Bell Partners Inc. is a privately held apartment investment and management company focused on quality multifamily rental communities throughout the United States. The Company manages more than 85,000 apartment homes in markets across the U.S., including communities in the San Francisco Bay Area, Southern California, Washington, Texas, Colorado, the Southeast, Washington D.C. and Boston. With over 2,000 associates and nine offices, Bell Partners offers an extensive full-service vertically integrated national platform of expertise in acquisitions and dispositions, construction, financing, property operations, accounting, risk management and related support functions. Led by a senior management team with an average of 20+ years of experience navigating marketing cycles, Bell Partners has invested throughout all phases of the real estate cycle and has completed over $18 billion of apartment transactions since 2002. With a focus on the customer, Bell pairs its corporate infrastructure with a deep local presence to drive performance. For more information, visit bellpartnersinc.com.
SOURCE Bell Partners Inc.
Originally published at https://www.prnewswire.com/news-releases/bell-partners-acquires-multifamily-community-in-raleigh-301900725.html
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