ROCKVILLE, MD – Bell Partners, one of the nation’s leading apartment investment and management companies, announced that it has bought Siesta Key, an apartment community located in Rockville, Md., which will be renamed Bell Shady Grove. This acquisition represents the 4th community owned by Bell Partners in the state of Maryland and the 18th managed in the D.C. metro area. Bell Shady Grove was bought on behalf of a venture between Bell Partners and HANSAINVEST Real Assets GmbH, a leading investment firm based in Hamburg, Germany.
Built in 2018, Bell Shady Grove is a 315-unit mid-rise community that offers residents convenient access to Downtown Rockville, Bethesda and Washington, D.C. via multiple modes of transportation. The community is situated adjacent to I-270 and I-370/Maryland Route 200 and is a small distance from the city’s Red Line metro station. Bell Shady Grove is also located in the I-270 biotechnology and life sciences corridor, one of the country’s most prominent hubs for medical research, testing and development with The National Institutes of Health, National Cancer Institute and U.S. Food and Drug Administration headquartered in the area. Nearby developments including Downtown Crown and Rio Washingtonian Center provide residents with access to gyms, movie theaters, restaurants and a variety of retail stores.
“This acquisition represents another step for Bell Partners into the D.C. metro market, which we believe has strong economic prospects with a wide range of stable public sector job opportunities,” said John Blaylock, Senior Vice President of Investments at Bell Partners. “We feel especially confident in the Rockville submarket, which is home to many of the critical national health agencies who play a key role in combatting the ongoing public health crisis.”
All units at Bell Shady Grove have wood plank flooring, custom backsplashes, soaking tubs with tile finishes, full-size washers and dryers, stainless steel appliances and granite surfaces in the kitchens and bathrooms. Community amenities at Bell Shady Grove include a rooftop deck with a lounge space, TVs, fire pit and billiards, a clubroom with a gaming area, a business center with a computer lounge, a fitness center with a private yoga studio and a conference space with private workstations. Bell Partners closely follows guidelines from local, state and federal health authorities regarding the operation and cleanliness of community amenities.

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PETERSBURG, FL – Admiral Capital Group and ESG Kullen announced the sale of Trellis at the Lakes, a 688-unit multifamily property in St. Petersburg, Florida, in the Tampa MSA.
Admiral and ESG bought the apartment community for $80.9 million in September 2016 through a joint venture. The investment provided an opportunity to buy a well-located asset at a discount to replacement cost and provide a value housing alternative to the growing workforce in one of the top growth markets in the U.S. The asset was sold for $114 million, representing an increase of over 40% in value.
During its ownership, the joint venture set to improve the aesthetics and overall experience for tenants. The partnership renamed and repositioned the property through exterior enhancements by curing deferred maintenance and upgrading interiors. Improvements included construction of a new state-of-the-art fitness center, pool area enhancements, new outdoor kitchens, other amenity upgrades and landscaping across the property. Interior renovations included upgrading countertops, modernizing kitchens with new cabinets, appliances and flooring and bathrooms. The upgrades and improvements enhanced the offering to potential tenants providing a high-quality, cost-effective alternative to newer nearby assets with higher overall rents.
“Identifying under-capitalized assets in markets with a supply and demand imbalance has been a critical part of our growth and success in the multifamily space,” said Dan Bassichis, co-founder of Admiral. “With its strong fundamentals and accelerating job and population growth, Tampa has been a key market for Admiral, and this property was an ideal fit for executing our value-add investment strategy. We couldn’t be more pleased with the execution with ESG Kullen.”
Trellis is Admiral’s second asset in Tampa. Nationally, Admiral has bought over 12,800 multifamily units, 1.8 million square feet of office, 790,000 square feet of retail and 900 hotel keys. Trellis at the Lakes was Admiral’s first of two acquisitions with ESG Kullen. Admiral also partnered with ESG to buy a broke condominium property in Orlando.
“The Trellis sale is particularly exciting to us as it validates our Florida re-positioning thesis which focuses on design, value, sustainability and engagement,” said ESG Kullen principal, Eric Granowsky. “We still see outsized performance in Central Florida as population growth, projected jobs growth and supply/demand fundamentals continue to support strong multifamily absorption and look forward to replicating this success with Admiral and share its commitment to strengthening communities across the country.”

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LEBANON, PA – Walker & Dunlop, Inc. announced that it structured $20,400,000 in financing for Fox Ridge Apartments, a 170-unit multifamily community in Lebanon, Pennsylvania. The team arranged the refinancing on behalf of repeat-client, Boyd/Wilson, who has completed over $75 million in financing through Walker & Dunlop within the last six months.
Walker & Dunlop’s Philadelphia Capital Markets team, including Managing Directors, John Banas and Kris Wood, as well as Analysts John Wilson, Rhett Saltiel, and Erik DiGirolamo arranged the permanent financing through Fannie Mae. The team structured the deal with six years of interest-only payments and an attractive fixed rate for the ten-year loan term.
Mr. Banas commented, “With nearly 40 years of experience in commercial real estate development and property and construction management, Boyd/Wilson is an extremely strong family-run business with an brilliant understanding of the Pennsylvania market. We’re pleased to have completed another assignment with their team.”
Located in the scenic South Lebanon Township, Fox Ridge Apartments caters to young professionals and families alike. The property is just minutes from outdoor parks, restaurants, and shopping as well as desirable schools, which include Cedar Crest High School, Cedar Crest Middle School, and South Lebanon Elementary. The community also provides residents with ease of access to several neighboring cities, including Harrisburg, Lancaster, and Reading, which are approximately 30 miles away, and York, which is 40 miles away. Fox Ridge features distinct craftsmen architecture with modern community amenities, such as a clubhouse, a fitness room, pet stations, and ample green space. Each unit includes decks or patios and premium fixtures and finishes.

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