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Bell Partners buys Morrison at South Park Apartments for $33.3M

In a $33.3 million deal, Greensboro-based Bell Partners said today that it has purchased Morrison at South Park Apartments at 721 Governor Morrison St. in Charlotte.

Bell said it plans to change the name of the development to Bell Morrison.

An apartment-management company, Bell will management  the apartments through its Bell Apartment Living division.

The apartments, which are part of a mixed-use development that features 130,000 square feet of retail space and a 25,000-square-foot grocery store, includes 214 one-, two- and three-bedroom units.

Grubb Properties developed the seven-story apartment building, which sit on 3.81 acres, in 2008.

Bell said it plans to upgrade the property’s amenities and renovate the apartments. The property already features a parking garage, pool, fitness center, clubroom and courtyards.

Joe Cannon, Bell’s vice president of investments, said the purchase is in keeping with the company’s plan to buy “well-located, high-quality properties” across the mid-Atlantic, Southeast and Southwest.

Bell said its property portfolio is valued at almost $5 billion and is spread across 16 states, mostly in the mid-Atlantic, Southeast and Southwest.

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