Bell Partners Sells Apartments to Trade Street at a 43% Discount

By Liviu Oltean, Associate Editor

Bell Partners of Greensboro has sold the Beckanna Apartments on Glenwood Avenue for $9.35 million.

The eight-story building was purchased by a subsidiary of Trade Street Capital of Aventura, the Triangle Business Journal reports. Trade Street Capital has reportedly acquired the property at a 43 percent discount.

Beckanna was purchased by Bell Partners in 2007 for $16.4 million. The apartments range from 540 to 1,050 square feet with rents ranging from $609 to $899.The acquisition, which represents Trade Street Capital’s first purchase in North Carolina, involved two building structures on the seven-acre property.

Ryan Hanks, managing director with Trade Street, said that the apartment complex will remain market-rate.

With offices in Aventura, Charlotte and Savannah, Trade Street Capital is a full- service real estate companies. It specializes in acquisitions and renovations in the Southwestern and Mid-Atlantic regions.

In other news, Toll Brothers will open the final phase of construction at the Regency Collection at Brier Creek Country Club. The CityBizList reports that the project will involve the development of 14 home sites. The residences will feature about 2,000 square feet of space and cost about $300,000.

Buyers will have the opportunity to choose different floor plans, and will be able to benefit from amenities such as a swimming and tennis pavilion, an 18-hole Arnold Palmer Signature golf course, and a 40,000-square-foot clubhouse.