Bell's 29-Property Sale Carries $677M Price Tag

(Read more on the multifamily market.)

GREENSBORO, NC-Locally based Steven D. Bell & Co. has sold 29 communities in two deals, worth a total $667 million. The properties are spread across the Southeast and Texas.

In the first deal, which closed late last month, Chicago-based Orion Residential and its joint venture partner GE Capital acquired two properties–one on Atlanta and one in Forth Worth. This deal carried a $105.5-million price tag. The apartment communities were built within the last 10 years and contain a total 914 units, according to a release from the Bell Co.

In the second deal, New York City-based DRA Advisors purchased the remaining 27 properties for $571.5 million. This portfolio contains a total 6,294 units spanning North Carolina, South Carolina, Tennessee and Georgia. Nine of these properties are expected to close later this month, according to the Bell Co.

The Atlanta office of CB Richard Ellis began negotiations on the sales in earlier this year. CBRE represented the Bell Co. “We began planning these sales many months ago and believe the transactions are timed for maximum benefit for our investors,” Bell founder and CEO Steve Bell says in a statement. “We had owned many of these assets for approximately five to eight years, about the amount of time we originally suggested to our investors.”

Bell principal Jon Bell adds that the company will remain active in the multifamily market, despite the large sell off. “Despite the large sale, we remain relatively bullish on the apartment market in the near term,” he says. “The consumer credit tightening we are witnessing should require more people to rent versus buy.”

With these two transactions, the Bell Co. will have sold, or have under contract to sell, more than $760 million worth of apartments this year.