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NC apartment investor buys Touchstone Apartments for $117.5M

BROOMFIELD —  Bell Partners Inc., a North Carolina-based multi-family housing investor and management company, bought the Touchstone Apartments community in Broomfield this month for $117.5 million, one of the city’s largest single-asset residential deals of the year. 

Through holding company Bell Fund VII Broomfield LLC, Bell purchased the 292-unit complex built in 2018 from Ridge at Broomfield Fund XI LLC, an entity controlled by Boston-based investor TA Realty. 

Touchstone will be rebranded as Bell Broomfield, Bell said in a news release. 

The community has one-, two- and three-bedroom units. Amenities include garages, fitness center and pool. 

Bell’s purchase of the property was part of larger, $313 million three-property swap that saw Bell absorb apartment communities in Atlanta and Frisco, Texas. 

“We are excited to acquire a portfolio of high-quality, differentiated properties located in submarkets with healthy supply and demand fundamentals” Bell executive vice president pof investments Nickolay Bochilo said in the release. “At a time of increased turbulence in the capital markets, this portfolio fits our long-term strategy of pursuing investments in our target markets where we can leverage our local experience and extensive operating platform to enhance performance, using disciplined underwriting to reflect current and projected market conditions.”

Source: BizWest