Bell Wins Apts at Meadowmont for $37M

CHARLOTTE-Greensboro, North Carolina-based Bell Partners purchased The Apartments at Meadowmont, a 258-unit Class A, master-planned apartment community in Chapel Hill, North Carolina for $37 million, or $143,411 per unit. This was the highest price per unit for an apartment development in the area in the last three years, says Dean Smith, principal at ARA (Apartment Realty Advisors), who is based in Charlotte and who brokered the deal for the seller, Charlotte-based Crosland, which developed the project. The sale of The Apartments at Meadowmont, which is 96% occupied, closed the first week of April.

The last apartment complex sale which yielded a higher price per apartment unit was for a mid-rise development, rather than a garden-style apartment complex like The Apartments at Meadowmont, which is 10 years old, says Smith.