Bell sale includes Greensboro apartments
Steven D. Bell & Co.'s sale of $677-million worth of apartments includes a Greensboro complex just off Pisgah Church Road.
Woodland Park, which county property records value at more than $8 million, is one of 29 properties the Greensboro-based real-estate investor is unloading. The major deal includes four other N.C. apartment communities: The Lodge at Mallard Creek in Charlotte, The Quad in Wilmington, Cypress Pointe in Wilmington and Woodland Crossing in New Bern.
Bell principal Jon Bell told me in a phone conversation today that Bell didn't sell the complexes with plans for any major upcoming purchase. The company originally bought the apartments as short-term investments of five to eight years and held them for about that amount of time before divesting, according to a news release.