Greensboro, N.C.-based investor Bell Partners Inc. acquired the Berkshire Terminus and Berkshire Howell Mill multifamily communities in Atlanta with a combined 611 units.
The properties, acquired on behalf of Bell Partners’ Core Fund I investors, represent the 12th and 13th communities Bell Partners manages in the Atlanta area and its second and third acquisitions in Atlanta this year. Most recently, Bell Partners acquired the 800-unit Avery at Northwinds community in Alpharetta.
Berkshire Terminus will be renamed Bell Terminus. It comprises 355 units and is part of the Terminus mixed-use development in Atlanta’s Buckhead neighborhood. The property was built in 2014.
Berkshire Howell Mill will be renamed Bell Collier Village. It comprises 256 apartments in Atlanta’s Westside corridor, which is near Georgia Tech and is the future home to Microsoft and Google major regional corporate centers, as well as existing Facebook and Amazon locations in nearby Atlantic Station. The community was built in 2015.
“We are excited to add two new communities in Atlanta to the Bell portfolio,” Bell Partners Executive Vice President of Investments Nickolay Bochilo said in a press release. “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.”
Units in both properties feature Energy Star stainless-steel appliances, granite countertops, walk-in closets and private balconies and patios in select homes. Both communities also offer saltwater pools, outdoor grilling areas, technology lounges, fitness centers and rooftop terraces.