Photo courtesy of CBRE

Bell Partners tapped into its $1.3 billion value-add fund to acquire a Shrewsbury apartment complex for $96 million.

The purchase price for the 250-unit Quinn35 property equates to $384,000 per unit. Greensborough, North Carolina-based Bell Partners rebranded the property at 35 Harrington Ave. as Bell Shrewsbury.

Greater Boston is one of 12 target markets in the U.S. that Bell Partners is targeting for acquisitions through the fund, Chief Investment Officer Nickolay Bichilo said in a statement.

CBRE brokered the transaction. The seller, New York-based Bluerock Real Estate Holdings, paid $77 million for the property in June 2019.

The complex was completed in 2018 next to the Lakeway Commons lifestyle center, and comprises five buildings.

In June 2023, Bell Partners closed on $1.3 billion in investments for its Value-Add Fund VIII, with plans for $3.2 billion in acquisitions.