Greensboro investor picks up two N.C. apartment properties
Greensboro-based Steven D. Bell & Co. and its partners have picked up apartment properties in Asheville and Fayetteville for $22.7 million, according to a Thursday news release from the real estate investment company.
"As interest rates rise, the performance at our apartment properties should continue to improve," said Jon Bell, Bell's VP, in the release. "We are betting that investments in apartment properties will be profitable over the next few years."
Certainly, there's been increased interest, here in Greensboro, recently in the market for new apartments. With plans for CityView, or City View, proceeding downtown and talk of some other complexes in the works, the city could see a spate of new apartments soon - for the first time in years.
Bell's acquisitions, two apartment complexes built within the past five years, comprise near 350 apartments in growing areas.
According to information from the company, Bell & Co. manages a property portfolio valued at upwards of $2 billion and made up of about 19,000 multi-family units, 16 senior-living communities and 4.8 million square feet of retail and office space.
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