The Lancaster + White Buffalo apartments on the near west side has been sold to Bell Partners, among the nation’s largest apartment management companies, the company said today.
The 316-unit community off Lancaster Avenue near the fast-growing west Seventh Street corridor will be renamed Bell Lancaster and will be managed by Bell Partners, the Greensboro, N.C. company said.
The property was sold on Oct. 8 by Dallas-based Lang Partners, which developed the community and opened it last year, deed records show. A sale price was not disclosed. The entity buying the property is called Bell Fund V Lancaster, deeds show.
“We seek to make investments in properties with attractive rent growth prospects,” said Nickolay Bochilo, Bell’s senior vice president of investments, in a statement. “Our attraction to the West Seventh District of Fort Worth is in part due to the appealing lifestyle amenities, proximity to employment, and expectation that recent growth and transformation of the area will accelerate in the coming years.”
At the end of June, the Lancaster + White Buffalo apartments were 93 percent occupied. The Lancaster is a 253-unit multifamily project, and the White Buffalo is a 63-apartment home project off Lancaster Avenue and Currie Street.
The buildings wrap around a parking structure and the community consists of studio, one-bedroom and two-bedroom units. Many of the apartments have terraces.
Lang Partners is working on another apartment project in Fort Worth’s Medical District. The developers purchased land at Rosedale and Oleander streets, and Hurley and Seventh avenues earlier this year for a $40.9 million, five-story, 322-unit project and a 420-space parking garage.
So far this year, Bell Partners, a privately-held firm, said it has completed more than $2.2 billion in apartment transactions including the purchase of Bell Lancaster. Most of its communities, which total more than 65,000 units under management, are located on East Coast and in the Southwest.
In the Metroplex, it owns and manages 13 properties totaling 4,757 units, including the Summit Ridge, Aspen Court, Autumn Wood and Cobblestone communities in Arlington, and Oak Park in Euless, according to its website.
Bell Partners says it is the 12th largest apartment operator and 7th largest apartment renovator in the U.S., according to the National Multi-Housing Council. Since it was founded in 1976, Bell said it has completed nearly $9 billion of apartment transactions.