Bell & Co. sells Greensboro apartments
Greensboro-based Steven D. Bell & Co. recently took in $30 million for the sale of two apartment communities, one of them in Greensboro.
The real estate investment and management company sold Northwinds Apartments, a 332-unit complex at Lee's Chapel Road, to a private investor from Gastonia. County property records show that the investor paid $12 million for Northwinds.
That's a substantial increase over the $8.7 million Bell paid for the apartments in August 2006, when the company bought Northwinds as part of a nine-property portfolio from United Dominion Realty Trust. Northwinds is the third of those nine properties that Bell has resold.
Bell also sold Springfield in Durham, a 288-unit apartment complex the company bought in early 2004 for about $11 million, according to Durham County property records. Bell spent about $1.8 million on renovations to the apartments before selling them early this month for more than $18 million. According to a news release, Bell will continue managing the Springfield complex.
Bell manages a real-estate portfolio worth about $2.9 billion, according to company estimates. The company's properties include about 30,000 multifamily residences, 19 senior-living properties and about 4.6 million square feet of retail and office space.
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