Newmark announces the sale of 210-unit Bell Ballantyne to buyer Olen Properties, headquartered in Newport Beach, CA. Multifamily Capital Markets Vice Chairmen John Heimburger, Dean Smith and Sean Wood, Senior Managing Director Alex Okulski and Managing Directors Jason Kon and John Munroe represented Greensboro, NC-based Bell Partners.

“Bell Ballantyne’s oversized floor plans and single-family rental feel made it a unique opportunity in Charlotte’s best suburban submarket,” said Heimburger. “The product type, in combination with investment capital’s desire today for high-end suburban product in the best demographic submarkets, makes this a great investment for Olen’s inaugural property in the Charlotte market.”

The rare townhome-style property built in 2009 provides 1-, 2- and 3-bedroom units, all with ground floor entries and 97 percent of the units having attached garages. The uniquely designed apartments include wall-mounted ovens and microwaves, real hardwood flooring, granite countertops with under-mount sinks and full-sized side-by-side refrigerators. The community features a saltwater pool, outdoor fireplace and barbecue grills, 24-hour fitness on-demand studio with free weights, a java bar, lounge and bark park.

Renamed the Estates at Ballantyne Apartments, the location in central Ballantyne is in a high-barrier-to-entry submarket close to 40,000 well-paying jobs and walkable to grocery-anchored retail and superior schools. The property is approximately two miles from the 2,000-acre master-planned redevelopment known as Ballantyne Reimagined.