GREENSBORO, NC – Bell Partners, a leading residential investment and management company in the country, has acquired CityLine Park, a newly developed 435-unit residential complex in the Dallas suburb of Richardson, Texas. The property acquired on behalf of the Company's Fund VII investors will be renamed Bell CityLine and will be the 23rd community owned or managed by Bell Partners in Texas.
Bell CityLine is located in the CityLine mixed-use metropolitan area, near major Dallas-area employers including State Farm and Raytheon, as well as close proximity to a variety of restaurants, retail and recreational opportunities. Bell CityLine is near the intersection of U.S. Route 75 and the President George Bush Tollway, connecting residents to all points of the Dallas-Fort Worth Metroplex, including the Dallas Urban Core. The community is within walking distance of the CityLine Bush DART station, which gives residents direct access to destinations such as DFW International Airport and downtown Dallas.
Richardson has attracted several technology and telecommunications companies to the area and built the Telecom Corridor on which Bell CityLine is located. The city has rededicated nearly 1,200 acres to attract additional tech companies to the area, create new job opportunities, and create continued demand for housing.
The acquisition of Bell CityLine by Bell Partners reflects the company's continuous expansion in targeted growth markets. Including Bell CityLine, Bell Partners owns or manages 44 properties in its central and western markets including Dallas, Austin, Nashville, Denver, Seattle, Los Angeles and the Bay Area.
"The acquisition of Bell CityLine reflects our belief in the favorable fundamentals of the commercial and rental housing market in Dallas and the expectation of a relatively stable performance for this investment given its high-quality location and product," said Nickolay Bochilo, EVP of Investments at Bell Partners.
The property, built in 2019, has a range of modern amenities including a clubhouse with coffee bar, gym and resort-style swimming pool with sun bed.
Source: Bell partner
