Bell Partners (the “Company”), one of the nation’s leading apartment investment and management companies, announced it has acquired The Thornton, a 439-unit apartment community located in Alexandria, Virginia. The community was acquired on behalf of the Company’s Value Add Fund VIII investors and will be renamed Bell Old Town.
“Bell Old Town is our second acquisition for Value-Add Fund VIII and is another example of our ability to leverage a broad presence in our target markets to acquire a well-located, quality asset with careful underwriting and a disciplined approach to risk management,” said Nickolay Bochilo, EVP of Investments at Bell Partners. “The property provides a unique opportunity to create value and generate attractive returns to our investors by offering modern apartment floorplans with state-of-the-art amenities in a location within walking distance of the attractions of Old Town Alexandria.”
Completed in 2018, Bell Old Town offers studio-, one-, two-, and two-plus-den-bedroom floorplans. Amenities include a dog grooming spa, 24-hour fitness center, clubroom, game room and courtyard with a bocce court, fireplace, and grilling area. The property is located within walking distance of King Street, the commercial heart of historic Old Town Alexandria, known for its restaurants, shops, and galleries. The community has easy access to I-95 and Reagan National Airport, is situated one block from the Potomac River, and fronts the Mount Vernon bike trail.
With this acquisition, Bell Partners now owns and/or manages 22 apartment communities containing over 7,300 apartment homes in the DC-Maryland-Virginia region.
