GREENSBORO, NC – Bell Partners, one of the nation’s leading apartment investment and management companies, has bought Century Plantation Pointe, a 260-unit apartment community located in Mooresville, N.C. The property, bought on behalf of the firm’s Fund VII investors, will be renamed Bell Lake Norman, and will become the 79th property Bell Partners currently owns or manages in its home state of North Carolina.
Built in 2014, Bell Lake Norman is a garden-style apartment community positioned along the I-77 corridor. The community offers residents access to several major employment centers including Uptown Charlotte, Huntersville, Cornelius and Davidson. Over the past decade, Mooresville has witnessed a diversification of its economy, and has seen an expansion of major industries including manufacturing, healthcare, financial services, logistics and distribution, information technology, and agriculture. Major employers close to the community include Lake Norman Medical Center, NGK Ceramics USA, BestCo, Pactiv Corporation, and the corporate headquarters of Lowe’s.
Bell Lake Norman also provides convenient access to lifestyle amenities centered around the highly desirable Lake Norman – the largest lake in North Carolina. Nearby local retailers include Publix, Harris Teeter, Sam’s Club, and dozens of local and national eateries.
“The acquisition of Bell Lake Norman represents a continuation of our strategy to buy quality properties in growing submarkets of our target markets where we can make additional value by making physical improvements to common areas and apartment interiors,” said Nickolay Bochilo, EVP of Investments at Bell Partners. “The Charlotte region continues to experience significant growth driven by job relocations, lower cost of living and a warm climate, which should support favorable growth in renter demand during our investment period.”
Bell Lake Norman’s community amenities include a coffee shop, saltwater pools with an outdoor kitchen, a community clubhouse with a lounge, a fitness center, a pet washing station, a car care center, an onsite clothing care facility, and 24/7 package access with Amazon HUB Lockers. Each unit has private patios, washer and dryer connections, walk-in closets, sleek black appliances, and ceiling fans in bedrooms and living rooms. Bell Partners closely follows guidelines from local, state and federal health authorities regarding the operation and cleanliness of community amenities.
Bell Lake Norman has also earned Green Globes Multifamily for Existing Buildings Certification.

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FORT COLLINS, CO – Brickstone Partners, a full-service real estate investment and development firm located in Nashville, Tenn., announced the $81 million acquisition and renovation of 288 units comprised of the Landmark and Stone Creek apartment communities adjacent to Colorado State University.
Brickstone will embark on a comprehensive upgrade of the properties, which combined feature 288 apartment homes. The upgrades will modernize the 1986-built units and include new flooring, modern kitchen and bathroom cabinets, quartz countertops, stainless steel appliances, upgraded doors, new lighting and plumbing fixtures, exterior landscaping, common-area improvements and clubhouse finishes.
“We are excited to add these assets to our extensive Colorado student housing portfolio. The communities are some of the best located student housing near CSU and we welcome the opportunity to upgrade these communities to better fit the active, energetic lifestyle of the neighborhood,” said Daniel Otis, founder and principal at Brickstone Partners. “Fort Collins has been featured as one of the best places to live in the country in numerous national publications for a reason – it’s an incredible place to live and to attend college. CSU continues to make strategic macro investments in their student body and campus. This strong continued investment has made notable growth both for the college and the community.”
Landmark and Stone Creek are just minutes from campus and provide quick access to numerous dining, shopping and entertainment destinations. Among the nearby well loved attractions are Canvas Stadium, home to the CSU Rams football team; North Campus West retail district; and the $313 million Foothills Mall anchored by H&M and Nordstrom Rack.
The communities are highly amenitized and include heated saltwater pools, club-quality fitness centers, dog parks and numerous outdoor spaces.
“When our renovations are complete, Landmark and Stone Creek will offer a premier living experience that exceeds the expectations of our residents,” Otis said. “This investment is a continuation of our core investment philosophy: To invest in opportunities that have asymmetric risk and reward, whereby, generating opportunistic yields with less risk than normal.”
Brickstone’s acquisition of the two communities comes on the heels of the company’s completion of LakeHaus, a $115 million, 200-unit luxury multifamily development in Minneapolis, Minn., and The Lodge, a 371-bed student housing value-add acquisition in Boulder, Colo., near the University of Colorado. Brickstone is one of the largest student housing operators in Boulder, Colo.

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RICHMOND, VA – Four Mile Capital (FMC), a privately-held real estate investment firm based in Louisville, CO, has bought the River s Edge at Manchester Apartments, a 212-unit multifamily community in Richmond, VA. River s Edge, built in 2018 and currently 94% occupied, sits on nearly 2 acres of land in one of Richmond s fastest growing submarkets. The distinctive luxury community consists of 131 one-bedroom units, 80 two-bedroom units, and one three-bedroom penthouse, each with its own private terrace. Greystar, has been awarded the property management contract.
The transaction closed on April 16, 2021, for $47,500,000, which equates to $224,000 per unit or $252 per square foot. As part of their acquisition, FMC raised over $15M in equity from their network of high-net worth investors and assumed the seller s $34M Fannie Mae loan with 8 years remaining on the term. This is FMC s second asset in the Richmond market.
The success of this transaction speaks to the strength of our relationships and track record of closing, two cornerstones of the business we are building. We were awarded this off-market opportunity due to our history with the local Berkadia investment sales office, who was selling another deal of ours in Virginia, and quickly established a productive relationship with the seller, a local development group. We offered the seller certainty of execution and a quicker path to closing than if they waited until 2021 to market their deal, while freeing up their resources sooner to go work on their next project. We measure success in a transaction when all parties feel like they ve achieved a beneficial outcome, and this is a fantastic example of that collaboration at work, says Eric Mallon, one of FMC s founding partners.
River s Edge is located in the Manchester submarket of Richmond, just across the James River from downtown. This is a high-density, rapidly transitioning urban neighborhood, with a multitude of bars and restaurants within immediate walking distance of the Property, and also within minutes to two major universities (University of Richmond and Virginia Commonwealth University) and to the highest concentration of jobs in the metro area. The Property is only 5 minutes to downtown, 15 minutes to FMC s other Richmond property (Laurel Pines), and 20 minutes to the Richmond International Airport.
The acquisition, FMC s sixth in the state of Virginia, aligns with their initiative to expand throughout the south-central U.S. in markets that demonstrate a balanced outlook for stability and growth. Richmond, for us, represents the quintessential post-pandemic market, with vibrant and diverse business, tech, and cultural institutions, a built-in, highly educated workforce, very affordable cost of living, and central east coast location. Richmond offers its residents most, if not all, of the amenities typically found in larger cities along with all of the benefits of a small city, and is positioned to thrive coming out of the current recession, continued Mallon.
The newer construction River s Edge apartments were constructed to LEED standards with poured concrete walls and floors and a brick masonry and stucco accent panel exterior. The unit interiors feature top-of-the-market unit finishes including quartz countertops, tile backsplashes, chef islands and stainless appliances, and were delivered with no deferred maintenance or expected capital needs. The best-in-class amenity package features an expansive 3rd floor plaza deck with a resort-style, heated saltwater pool, fire pit, pet park, a state-of-the-art fitness center with cardio theater and a Peloton fitness on demand system, and a Sky Lounge on the 10th floor that is highly appealing to Manchester s residents.
FMC s business plot will focus on improving operations through the implementation of cutting-edge management and marketing strategies, utilizing their institutional-quality asset management platform to control operational expenses, push other income opportunities, and make strategic decisions for the asset. River s Edge is representative of the risk-adjusted return investment profile that excites us right now, and this is our fourth straight acquisition built since 2018. By purchasing these newer assets below market and replacement cost, we eliminate virtually all of the capital and execution risk that comes with buying an older, value-add property, but we aren t just relying on submarket appreciation to drive value for our investors. With our teams background and expertise in operations, we are able to identify creative ways to actively increase income and better manage expenses to push NOI over the hold period, said Chris Geer, another Four Mile founding partner. It s become an increasingly central part of our investment strategy, and it s one that seems to resonate with investors in this time of relative uncertainty.

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