On Wednesday, Bell Partners announced the acquisition of Quinn35, a community in Shrewsbury, MA consisting of 250 apartment homes. As one of the largest apartment investment and management companies in the nation, this purchase was made on behalf of their Bell Value-Add Fund VIII. The terms were not disclosed.
The property is located at 35 Harrington Ave and has been managed by Bell Partners since 2019. It will now be renamed as Bell Shrewsbury under their ownership. This adds to their portfolio which currently includes nine other communities in the Boston metropolitan area totaling approximately 3,600 apartment homes.
According to Nickolay Bochilo, CIO at Bell Partners: “Boston is one of our target markets for acquiring well-located and high-quality assets through our Value-Add Fund strategy.” He also stated that this acquisition aligns with their goal to make value-enhancing upgrades that will appeal to both current and future residents while meeting investment objectives.
The transaction was brokered by Simon Butler from CBRE’s Northeast & Mid-Atlantic region who serves as Vice Chairman and Managing Director.
