A North Carolina multifamily investor has bought the 774-unit Lansbrook Village apartment complex in Palm Harbor.
Bell Partners made the purchase through its Bell Value-Add Fund VIII, according to a statement from the company announcing the purchase.
While the company did not disclose what it paid for the property, a deed recorded in Pinellas County court records shows Bell paid $194.2 million for property owned by an LLC named Lansbrook Village Owner FL. The LLC, according to the deed, is the New York real estate investment firm Osso Capital. A second deed shows Bell paid Osso $6.7 million in a separate transaction.
Both deeds show the properties sold as being condominium units. Lansbrook is a former condo complex that was converted into apartments several years ago.
Court records also show that Bell assumed a 2021 mortgage taken out on the property with, according to a note to the clerk in the paperwork, “a current unpaid principal balance of” $124.8 million.
The Palm Harbor complex, built in stages between 1998 and 2004, sits on 85 acres and includes three swimming pools, tennis courts and a fitness center. Units, according its website, range from a 773-square-foot one bedroom starting at $1,480 per month to a 1,705-square-foot four bedroom at $2,797 per month. Several of the units include lofts and attached garages.
According to Bell’s statement, Lansbrook was the first purchase made by the investment fund and the property “offers the ability to immediately create value through renovations and enhanced management practices.”
As part of the transition, the complex was renamed Bell Lansbrook Village.
Greensboro-based Bell is privately owned and manages more the 85,000 units across several states. According to the statement, it has invested more than $18 billion since 2002.
In addition to the Palm Harbor property, Bell says in the statement that it bought a 312-unit complex in Fort Worth, Texas. That property was bought through its Bell Core Fund 1.