Bell Partners Acquires Suburban DC Apartment Community Westwind Farms
Bell Partners has acquired Westwind Farms, a 464-unit apartment community in Ashburn, Va., from Fairfield Residential on behalf of Bell’s Fund VII investors.
The price was not disclosed, but public records show that the property last traded in 2010 for $89.5 million.
The property has been immediately renamed Bell Ashburn Farms.
“The purchase of Bell Ashburn Farms represents a continuation of our established strategy to purchase high-quality assets in areas of growth,” Nickolay Bochilo, Bell Partners’ executive vice president of investments, told Commercial Observer. “Loudoun County offers attractive growth prospects as demographic shifts continue to favor suburbs with good schools, more space, and proximity to employment.”
Located at 22541 Hickory Hill Square, units feature built-in wine storage, full-size washers and dryers, and walk-in closets. Community amenities include a clubhouse with billiards and plasma TVs, a fitness center, and a business center with a Wi-Fi lounge.
The deal represents Bell’s 10th owned community in the D.C. area.
The property is near the Dulles Technology Corridor and the Silver Line Metrorail, which makes it convenient to get to Washington. According to Bochilo, the highly-educated demographics, robust job growth and convenient transportation options foster great confidence in the D.C. metro apartment market among investors.
In addition to long-term appreciation expectations resulting from population growth in the area, Bochilo said the Bell team expects to make physical improvements to the property’s amenities and apartment interiors.
“Our targeted capital investment should make the community more desirable by existing and future residents,” he said. “Lastly, we plan to make several energy efficiency investments to improve energy usage and lower associated expenses.”