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.

Harvest Capital Buys York Towne Apartments for $10 Million

From the Triad Business Journal:

Harvest Capital LLC has purchased the York Towne apartments in Greensboro for $10 million, according to public records.

Harvest, a private investment group based in Wethersfield, Conn., purchased the 314-unit apartment complex at 3601 Lynhaven Drive from BB&T Corp...

“This was not a distressed sale; the property was more than 90 percent occupied at closing,” Frydman said. “The new owner is planning an extensive rehab of the units and will leverage the property’s proximity to the large student population.”