GREENSBORO, N.C. — Greensboro-based Bell Partners Inc. paid $125 million to add another property to its substantial portfolio in the Washington, D.C., metro area.
Bell Partners purchased the Pallas at Pike & Rose, a luxury high-rise apartment building, from Federal Realty Investment Trust. The price works out to roughly $392,000 a unit for the 319-unit community at 11550 Old Georgetown Road in North Bethesda, Maryland.
Bethesda-based Federal Realty (NYSE: FRT) announced the sale Dec. 17 in a news release disclosing the disposition of two assets for $170 million. The real estate investment trust also sold a 264,000-square-foot grocery-anchored shopping center in Bristol, Connecticut, that it acquired in 1995.
Federal Realty CEO Don Wood said the sales were part of the company’s strategy to recycle capital by selling “mature, long-held assets.” It sold $316 million worth of properties this year, including an apartment project at the mixed-use development Santana Row in San Jose, California.
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