Bell Partners buys Salem, Massachusetts apartment community

Bell Partners has acquired Salem, Massachusetts-based Vinnin Square Apartment Homes, a 148-unit apartment community. No financial terms were disclosed. The property will be renamed Bell North Shore.

PRESS RELEASE

GREENSBORO, N.C. – July 30, 2019 – Bell Partners Inc., one of the nation’s leading apartment investment and management companies, today announced that it has acquired Vinnin Square Apartment Homes, a 148-unit apartment community in Salem, Mass., on behalf of its Fund VI investors. The community will be renamed Bell North Shore and be managed by Bell.

Located 14 miles from downtown Boston, Bell North Shore is ideally located in one of the country’s most desirable housing markets. The community combines a peaceful coastal atmosphere with convenient commuting options: Bell North Shore is minutes from both Route 128 and the nearest commuter rail station in Swampscott, Mass., which provides a 30-minute train ride to Boston’s North Station. The community is also directly across the street from the Swampscott Mall, with anchor tenants including major grocery, pharmacy and home supply stores.

“The Greater Boston area features some of the world’s best universities and healthcare institutions,” said John Blaylock, Senior Vice President of Investments, Bell Partners. “This submarket continues to experience strong rental growth which should continue in the near term.”

Bell North Shore features two five-story buildings, 16 luxury townhomes and two separate buildings containing six units each. All of the apartment homes have nine-foot ceilings, open kitchens, walk-in closets, full size washers/dryers and central air conditioning. The community also includes parking below two of the buildings, as well as a resident clubhouse, outdoor swimming pool, fitness center, walking trails and lighted tennis courts.

Including Bell North Shore, Bell Partners operates seven communities in the Boston metro area.

About Bell Partners Inc.
Established in 1976, Bell Partners Inc. (“Bell Partners” or the “Company”) is a privately held, vertically integrated apartment investment and management company focused on high-quality multifamily communities throughout the United States. With approximately 55,000 units under management, Bell Partners is one of the largest apartment operators and renovators in the United States. The Company has nearly 1,300 associates and eight offices (including its headquarters in Greensboro, N.C.) and offers an extensive and full-service platform containing expertise in acquisitions and dispositions, construction, financing, property operations, accounting, risk management and all other related support functions. Bell Partners is led by a senior management team with an average of over 20 years of experience that has invested throughout all phases of the real estate cycle and has helped the Company complete over $15 billion of apartment transactions since 2002, including nearly $2 billion in 2018 transactions. For more information, visit our website at www.bellpartnersinc.com.