Bell Partners Buys Plano Apartment Complex

Bell Partners added a stack of units to its DFW multifamily portfolio with a deal in Plano.

The North Carolina-based multifamily investment firm purchased an 831-unit property, at 380 Vistacourt Drive, through its Value Add Fund VIII.

The seller is Des Moines-based BH Equities.The sale price was not disclosed, but the property was valued at $60 million in 2024, according to Collin Central Appraisal District records. CBRE’s Daniel Baker brokered the deal.

Bell borrowed $119.5 million from Walker and Dunlop to finance the deal, deed records show. That comes out to about $144,000 per unit.

Bell Gateway Village, formerly Gateway Crossing Apartments, is a garden-style apartment community built between 2013 and 2017. It contains one-, two- and three-bedroom units. Rents start at about $1,300. The property has three pools and a fitness center.

The apartment complex is about 20 miles northeast of Dallas. Bell Gateway Village’s location offers easy access to major highways U.S. Route 75 and U.S. Route 190. The property is also located about 2 miles from CityLine, a 120,000-square-foot mixed-use development anchored by Whole Foods.

Though sales volume has slipped for multifamily trades, it’s still investors’ first choice when it comes to asset class, according to a recent Avison Young report. Multifamily trades made up 35 percent of dry powder volumes in the first quarter.

However, price per unit slipped almost 17 percent year over year in the first quarter, the report said.

Bell Partners operates in 12 markets across the country. With this latest purchase, the firm owns or manages more than 11,000 multifamily units in DFW, including Presidio East, a 312-unit Fort Worth apartment building acquired in July of last year. Presidio East, now Bell Presidio, was purchased through Bell Partners’ Bell Core Fund I.