Bell Partners has acquired two multifamily communities—Berkshire Terminus and Berkshire Howell Mill—in Atlanta. Acquired on behalf of the firm’s Core Fund I investors, the walkable and well-located properties, which are comprised of 611 units, mark the firm’s second and third acquisitions in the Atlanta area this year following the September purchase of Bell Alpharetta.
“We are excited to add two new communities in Atlanta to the Bell portfolio,” said Nickolay Bochilo, executive vice president of investments at the Greensboro, North Carolina, investment and management company. “This investment offers an attractive mix of growth and stability of cash flow for our core investment vehicle stemming from favorable migration trends to the Atlanta market, strength and desirability of the locations, relatively affordable rent level, and attractive community features.”
With this acquisition, Bell Partners manages 13 multifamily communities in the hot Atlanta market. The population of Atlanta has grown 18.7% since 2010, according to the 2020 Census, and the city is home to some of the nation’s largest companies such as Coca-Cola, Delta Air Lines, and The Home Depot.
Berkshire Terminus, which features 355 units in Atlanta’s Buckhead neighborhood, will be renamed Bell Terminus. Built in 2014, the mid-rise community places residents within walking distance to over 1.5 million square feet of office space and over 100,000 square feet of retail as part of the Terminus mixed-use development.
Berkshire Howell Mill, which includes 256 units in Atlanta’s Westside corridor, will be renamed Bell Collier Village. The Westside corridor is a burgeoning hub of technology jobs driven by its proximity to Georgia Tech and the investment attracted by the companies and initiatives founded by college alumni. In addition, both Microsoft and Google are planning major regional corporate centers in the neighborhood. The community was built in 2015 and also is located in proximity to dining, shopping, and recreation opportunities.
Units in both communities feature Energy Star stainless steel appliances, granite countertops, walk-in closets, and private balconies and patios in select homes. Community amenities include saltwater pools, outdoor grilling areas, technology lounges, fitness centers, and rooftop terraces.
