Bell Sells

Bell Partners announced today that they, along with DRA Advisors LLC, have sold a portfolio of 20,439 apartments to Lone Star Advisors. From the Triad Business Journal story:

Bell Partners Inc. of Greensboro and DRA Advisors LLC together have sold a portfolio of 20,439 apartments to a global private equity firm for $1.8 billion, the firms announced today.

The portfolio comprises 64 properties across eight states and was acquired by Lone Star Funds, which has U.S. offices in Dallas, New York City and Washington, D.C. Bell will continue to manage the properties…

The deal includes 24 North Carolina properties located in Charlotte, Raleigh, Wilmington, New Bern and Goldsboro. The total portfolio was originally part of a joint venture purchase made by Bell and DRA in 2008, which then included 25,684 apartments spanning 86 properties.

This is one of the largest apartment deals in the country this year, and is likely to be the “biggest” story involving a Triad apartment company in years.