Bell Partners Inc. has sold its Bell Valley Ranch community in Irving, with the apartment investment and management firm completing the sale to Cortland Partners.
Greensboro, N.C.-based Bell will not manage the property following the transaction, which was concluded on behalf of the company’s investors, including Bell Fund II.
“The sale resulted in an attractive return on investment for our clients, particularly when considering the timing of purchase in 2007,” said Nickolay Bochilo, senior vice president for investments, in a news release.
“We were pleased with the cash flow the property generated during our hold period and the value appreciation monetized upon sale,” Bochilo said.
Bell Fund II, along with other Bell-related entities, purchased Bell Valley Ranch (formerly Villa Miranda) in December 2007.
The sale of Bell Valley Ranch is the first disposition for Bell in 2016. The prior year saw Bell sell 24 properties for $800 million and acquire nine apartment communities totaling 3,218 units for $670 million, amounting to $1.47 billion in total transactions. In 2014, a year in which it was also a net seller, Bell completed more than $2.6 billion in total apartment transactions.
Established in 1976, Bell Partners Inc. is a privately held, vertically integrated apartment investment and management company focused on multifamily communities across the East Coast, Southwest, and Western United States.
More information is available at www.bellpartnersinc.com.