Bell Partners Buys Arlington Apartment Building For $75M
An apartment building sale in South Arlington appears to buck the trend of values rising in the area around the future Amazon HQ2 campus.
Bell Partners announced Tuesday it acquired the 217-unit apartment building at 2400 24th Road South in Arlington on behalf of its Fund VI investors. The company is rebranding the property from Twenty400 to Bell Arlington Ridge.
The property sold for $74.7M, according to a deed posted June 3 to Arlington County's land records database. The price tag represents a roughly 11% decrease in value from the building's previous sale.
UDR acquired the property in 2011 for $84M, according to property records and a release from the company at the time.
The building was constructed in 2010. Its amenities include a fitness center, a swimming pool, a coffee bar, a dog run and bike storage. Bell Partners said it plans to make physical and operational improvements to the property.
The community sits next to the interchange of Interstate 395 and South Glebe Road. It is just over 2 miles from the Pentagon City and Crystal City Metro stations, where Amazon plans to hire 25,000 people at its second headquarters.
An apartment building one block from the future Amazon campus traded last month for $228M, more than double its previous sale price in 2009. Building owners in the area are continuing to put properties on the market in hopes of realizing an increase in value.
The deal continues Bell Partners' growth in the region. The Greensboro, North Carolina-based firm owns seven apartment communities in D.C., Maryland and Virginia.
"Arlington is fast becoming one of the most desirable places to live and work not just in the D.C. metro area, but in the country," Bell Partners Executive Vice President of Investments Nickolay Bochilo said in a release. "We have built a strong portfolio of communities in the D.C. metro area, and we are thrilled about this latest acquisition that builds on our position in such an important market."
