The property, which will be renamed Bell Morningside, was purchased on behalf of Bell Apartment Fund VII investors. It last sold for $35.3 million in 2018, according to Dekalb County records. Bell Partners has been an active acquirer of Atlanta apartments of late; in December it acquired the Berkshire Terminus and Berkshire Howell Mill communities.
The other assets in the recently acquired portfolio, which aggregates 846 units, include the Residences at Starwood in Frisco, Texas; Touchstone Apartments in Broomfield, Colorado; and Montecito Apartments in Santa Clarita, California.
“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,” Bell Partners EVP of Investments Nickolay Bochilo said in a news release.
Bell Morningside, at 1295 East Rock Springs Road NE, was completed in 2009 and was originally built as for-sale condominiums. The units average 1,557 square feet, and community amenities include a saltwater pool, fitness center, game room and dog park.