Image courtesy of Reading Assessing Department

Bell Partners paid $96 million for a Reading property in the latest investment from its $1.3 billion value-add apartment fund.

The Greensboro, North Carolina-based multifamily investor acquired 34 West St., the Reading Commons complex, which contains 204 units.

The seller was an affiliate of JP Morgan Asset Management. The garden-style community was completed in 2006 and previously traded for $63.1 million in 2013.

The latest purchase price equates to nearly $471,000 per unit. 

Rebranded as Bell Reading Commons, the property lists monthly rents from $2,856 to $5,303, according to Apartments.com.

In 2023, Bell Partners closed its Bell Apartment Fund VIII after raising $1.3 billion in equity investments. It’s using the fund to acquire approximately $3.2 billion in apartment properties in 14 target U.S. markets, including Greater Boston.

In 2024, Bell Partners paid $96 million for the 250-unit Quinn35 complex at 35 Harrington Ave. in Shrewsbury, which is now known as Bell Shrewsbury.