Thursday, September 06, 2012

Design District apartments in Dallas sold

A rental community in Dallas’ booming Design District has been purchased by a North Carolina real estate investor.
Bell Partners Inc., a nationwide apartment investment and management firm, bought the 4-year-old Alta 1900 Lofts at Hi Line Drive and Oak Lawn Avenue.
Bell Partners bought the 3.7-acre apartment complex from developer Wood Partners, which built the four-story project.
Terms of the sale were not disclosed. The property is valued on the tax rolls at $26.9 million.
The rental community has been renamed Bell Design District.
“As we continue to build out our portfolio in select target markets, we are pleased to acquire this well-located, high-quality property,” Jon Bell, president of Bell Partners, said in a prepared statement. So far this year, the Greensboro, N.C.-based investor has acquired more than $330 million in apartment properties around the country.
The 35-year-old company has almost $5 billion in properties in 16 states with more than 68,000 apartments.
The Design District apartments property that Bell Partners purchased was one of the first new rental communities built in the former industrial area northwest of downtown Dallas.

Steve Brown
Dallas Morning News