Bell Partners buy Routh Street Flats rental community near Turtle Creek.
A North Carolina apartment operator is teaming up with a German investor to acquire an Uptown Dallas rental community.
The Routh Street Flats apartments are on Routh Street near Turtle Creek.
The 208-unit property was built in 2015 by developer Alamo Manhattan Corp. Since 2016, the property has been owned by a Florida investor.
Now Greensboro, N.C.-based Bell Partners Inc has purchased the apartments in a joint venture with Hansainvest Real Assets GmbH of Hamburg, Germany.
Routh Street Flats is being renamed Bell Katy Trail by the new owners.
“As apartment residents increasingly seek well-located housing offering convenient, walkable access to employment, retail and cultural offerings, the acquisition of Bell Katy Trail reflects Bell Partners’ targeted investment in urban submarkets like Uptown,” Bell Partners’ Nickolay Bochilo said in a statement. “With approximately 70,000 units currently under management, including over 7,700 units in Dallas, we will leverage our local experience and extensive operating platform to maximize performance.”
The Uptown rental community includes a rooftop terrace with views of the city, saltwater pool and a fitness center.
It’s just the latest recent Dallas-area purchase by Bell Partners. In August, the apartment operator acquired the 435-unit Bell CityLine apartments in Richardson.
Bell Partners has more than a dozen properties in North Texas. The company has done $4.8 billion in transactions across the U.S. this year.