MEMPHIS, TN – Balfour Beatty Communities, national residential real estate investment and management company, has successfully bought the Bartlett, TN multifamily community, Legends at Wolfchase. This deal marks the second acquisition of a Memphis-area community for the Company within the past six months, completed in conjunction with ApexOne Investment Partners.

To be rebranded as Preserve at Bartlett, the community is ideally situated in the desirable Memphis suburb of Bartlett and offers immediate access to the region’s main business corridors, as well as an award-winning school district. 

The property’s 300-unit inventory consists of one-, two- and three-bedroom apartment homes featuring fireplaces, attached garages and private outdoor spaces. Community amenities across the property’s 24 acres include a pool, fitness center, dog park and clubhouse.

“We’re quite bullish on the Memphis multifamily market and pleased to continue our expansion in the region after our initial entry with the acquisition of Preserve at Southwind earlier this year,” said Gen Bauer, senior vice president of Balfour Beatty Communities. “We look forward to bringing Balfour Beatty Communities’ exceptional management approach to the property, as well as targeted renovations that will continue to position the property competitively in the market.”

Proposed plans for the property include comprehensive kitchen renovations, as well as upgrades to washer/dryer units and closets. Other plotted community upgrades include enhancements to building exteriors, the pool area and overall landscaping.

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LOUISVILLE, KY – Inland Private Capital Corporation announced the sale of the Hurstbourne Estates Apartments, a 270-unit multifamily community located in Louisville, Kentucky. IPC, through its subsidiary, which serves as asset manager, facilitated the sale of the property on behalf of Louisville Multifamily DST, one of its 1031 investment programs.

Located in the retail and business-filled Hurstbourne Corridor, the property was constructed in 2013 and consists of 17 apartment buildings and a clubhouse. The community features Class A amenities including a fitness center, yoga room, game room, business center, swimming pool and dog park.

“Louisville Multifamily DST was another successful full-cycle transaction on our multifamily investment platform for IPC’s investors,” said Keith Lampi, president and chief operating officer of IPC. “We bought the property in 2014, and it provided consistent income and a substantial profit on the sale, resulting in an 8.5 percent average annualized return to investors.”

As of the date of the sale, the property was 95.2 percent occupied.

The sale resulted in a total return to the investors of 140.7 percent (calculated based on the aggregate amount of original capital invested in the property).

Inland Private Capital offers replacement property investments for persons participating in a 1031 tax deferred exchange, as well as opportunities for accredited investors who are seeking a real estate investment. Inland Private Capital is a part of The Inland Real Estate Group of Companies, one of the nation’s largest commercial real estate and finance groups.

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ARLINGTON, VA – Bell Partners, one of the nation’s leading apartment investment and management companies, announced that it has bought Twenty400, a 217-unit apartment community in Arlington, Va., on behalf of its Fund VI investors. The property will be managed by Bell Partners and be renamed Bell Arlington Ridge.

Situated at a nexus of commuting corridors in the D.C. metro area, Bell Arlington Ridge is located within the Beltway directly adjacent to I-395, and is close to both the Pentagon City Metro Station and two Arlington Rapid Transit bus lines. Bell Arlington Ridge provides prime access to some of the largest and fastest-growing job hubs in the area with top employers in both the private and public sectors. The property is five minutes from the new Amazon headquarters in National Landing and the Pentagon, and is also close to major D.C. metro area employment hubs such as Mark Center and the Rosslyn-Ballston Corridor. 

“Arlington is quick becoming one of the most desirable places to live and work not just in the D.C. metro area, but in the country,” said Nickolay Bochilo, Executive Vice President of Investments, Bell Partners. “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 vital market. Our plot is to make various physical and operational enhancements to the community, which should result in a high-quality living experience for the current and future residents.”

Built in 2010, Bell Arlington Ridge’s current amenities include a two-level fitness center, resort-style pool, parking garage, coffee bar, dog run, and onsite bike storage. Each unit includes spacious nine-foot ceilings, washers and dryers, granite countertops, and energy-efficient stainless-steel appliances. Select units also include wood-plank flooring, skylights, sunrooms, and private patios and balconies. 

Including Bell Arlington Ridge, Bell Partners currently owns three properties in Virginia and seven properties in the D.C., Maryland, and Virginia area. Overall, Bell Partners owns or operates 20 apartment communities in the D.C. metro area.

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