Olmsted Place Sold for $103 Million to Bell Partners

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A South Huntington Avenue apartment complex has been bought for $103 million by a North Carolina company.

Bell Partners announced that on behalf of its investors it acquired the 196-unit luxury community. Bell Partners will manage the development and are renaming it to Bell Olmsted Park. Boston Residential Group LLC was the previous owner.

Banker & Tradesman reported that the Greensboro, North Carolina company bought the apartment complex at 161 South Huntington Avenue for $103.25 million.

“We are pleased to have acquired Bell Olmsted Park -- a unique asset located in a high barrier to entry location with exceptional economic drivers within close proximity. The combination of location and product qualities, coupled with the Bell operating capabilities, should support attractive long-term returns for our investors,” said Nickolay Bochilo, Senior Vice President, Investments, via press release.

Olmsted Park opened in late 2015, is a 5-story LEED Silver apartment building. It has two elevated courtyards, and both surface and garage parking facilities. There are studio, one-, two- and three-bedroom apartments, with a den or study available in select one bedroom units.