Greensboro, N.C.-based Bell Partners Inc. has sold off the last two senior apartment properties in its portfolio to Capitol Seniors Housing for a combined $47.5 million.
Alta Oakridge, in Raleigh, N.C., was built in 2009 and sold for $24.25 million. Alta Walk, in Durham, N.C., was built in 2008 and sold for $23.25 million.
The luxury communities offer independent and assisted living apartments.
Bell Partners, an apartment investment firm, has previously stated its intention to divest its senior housing assets in favor of refocusing growth on the multifamily residential market. Kevin Thompson, the company’s senior vice president of marketing, confirmed that the sale represents the last of Bell Partners’ senior housing portfolio.
Written by Alyssa Gerace