SUPERIOR, COLO. — Bell Partners Inc. has acquired the 1,206-unit garden apartment community Horizons at Rock Creek in Superior for $250 million and renamed it Bell Flatirons. Bell Partners will manage the property.
Simpson Housing LLLP was the seller of the community, which was built between 1997 and 1999. According to a release, the transaction was one of the largest individual multifamily transactions in Colorado history.
Superior is located between Denver and Boulder, seven miles southeast of the University of Colorado Boulder.
“This acquisition is consistent with our strategy to expand our footprint into high-growth, liquid and institutionally desirable markets that have compelling economic and apartment growth fundamentals,” says Jon Bell, president of Bell Partners.
Bell Flatirons consists of three phases, Watters Edge, Prairie’s End and Cross Creek. The largest phase, Watters Edge consists of 586 units and is mainly townhomes and apartments with one- and two-car attached garages. Prairie’s End (360 units) and Cross Creek (260 units) are traditional garden apartments, each apartment home featuring its own garage.
The community’s amenities include a 24,000-square-foot luxury clubhouse with an indoor basketball court, two racquetball courts, a movie theater and a large fitness room. The community also has a beach, a fishing pond, four pools and multiple fire pits.
With this transaction, Bell has completed more than $355 million in apartment acquisitions this year.
Bell is a privately held, vertically integrated apartment investment and management company focused on multifamily communities across the East Coast and Southwest. An apartment owner and renovator, Bell has nearly 70,000 units under management.
In 2014, Bell completed more than $2.6 billion in apartment transactions.
— Scott Reid