Bell Partners has added to its multifamily portfolio in its home state of North Carolina. The Greensboro-based investment and management company acquired Element Uptown, a 352-unit high-rise in Charlotte, and Waypoint West, a 192-unit garden-style community in suburban Mooresville. Both were purchased on behalf of Bell Apartment Fund VII investors.
“These acquisitions complement our strategy of investing in well-located, high-quality assets in submarkets with favorable long-term fundamentals,” said Nickolay Bochilo, executive vice president of investments. “With the addition of these two communities, Bell now manages over 4,800 apartment units in Charlotte. We plan to leverage our local experience and extensive operating platform to maximize performance and apply our renovation capabilities to enhance value.”
Bell Partners will rebrand Element Uptown as Bell Uptown Charlotte. The 21-story high-rise, completed in 2015, is in Charlotte’s Central Business District and walkable to 28 million square feet of office space; retail, including two grocery stores; and recreation activities, such as Bank of America Stadium and other facilities housing four professional sports teams. The community features studio, one-, and two-bedroom floor plans with off-street parking. In addition to Bell Uptown Charlotte, Bell Partners manages four other properties in the Uptown and nearby South End submarkets.
Waypoint West will be rebranded as Bell Mooresville West. The garden-style community in the Lake Norman submarket, approximately 30 miles north of Charlotte’s Uptown, was completed last year. The community is comprised of one-, two-, and three-bedroom luxury floor plans. Amenities include smart tech locks and thermostats, high-speed internet, a state-of-the-art fitness center and yoga room, a pool, grilling areas, and a dog park and wash. The property, which is less than a mile from Lake Normal, is near two other communities that Bell Partners owns or manages in the submarket, including Bell Lake Norman.
Bell Partners completed $4.8 billion in transactions last year and is actively investing in 14 target markets in the Mid-Atlantic, Northeast, Southeast, Texas, and West Coast. It is one of the nation’s largest operators, with approximately 70,000 units under management. The firm ranked No. 18 on the National Multifamily Housing Council’s list of top apartment managers this year.
