Bell Partners Makes First Seattle-area Acquisition With 243-unit Multifamily Community in Redmond, Wash.
GREENSBORO, N.C. – Bell Partners Inc., one of the nation’s leading apartment investment and management companies, today announced the acquisition of 3040 Apartments, a 243-unit multifamily community located in Redmond, Wash., for $96 million on behalf of its Fund VI investors. The property will be managed by Bell and renamed Bell Overlake. Bell Overlake is Bell Partners’ first acquisition in the Seattle metro area, in addition to the 4 properties the firm manages in the area.
Developed in 2019, Bell Overlake is close to some of the most well-recognized employers in Seattle, including Microsoft, Amazon, Google and Facebook. The community is located within walking distance from Microsoft’s global HQ campus and also offers convenient access to the Seattle Transit Link light rail expansion.
“We are pleased to make an investment on the east side of Seattle, an area that has become a global innovation center with the potential to experience substantial job growth in the coming 5-10 years,” said Nickolay Bochilo, Executive Vice President of Investments at Bell Partners. “The investment represents an opportunity to benefit from the attractive fundamentals in Redmond and Bellevue, including the substantial amount of new office space being built by Microsoft and other major employers. We also plan to leverage the Bell platform to enhance resident experience via physical and operational improvements, building upon the great work done by the original developer.”
Bell Overlake offers amenities including a rooftop deck, a fitness center with separate yoga studio, a pet spa, a courtyard with BBQ area and fire pits, and garage parking with electric charging stations. Each unit features quartz countertops, plank flooring, large closets and in-unit fully vented washers and dryers. Select units have lofts, patios or balconies, and views of the mountains.
About Bell Partners Inc.
Established in 1976, Bell Partners Inc. (“Bell Partners” or the “Company”) is a privately held, vertically integrated apartment investment and management company focused on high-quality multifamily communities throughout the United States. With approximately 55,000 units under management, Bell Partners is one of the largest apartment operators and renovators in the United States. The Company has nearly 1,300 associates and eight offices (including its headquarters in Greensboro, N.C.) and offers an extensive and full-service platform containing expertise in acquisitions and dispositions, construction, financing, property operations, accounting, risk management and all other related support functions. Bell Partners is led by a senior management team with an average of over 20 years of experience that has invested throughout all phases of the real estate cycle and has helped the Company complete over $15 billion of apartment transactions since 2002, including nearly $2 billion in 2018 transactions. For more information, visit our website at www.bellpartnersinc.com.
Contacts:
Laurel Howell
Bell Partners Inc.
Phone: (336) 232-5526
Email: lhowell@bellpartnersinc.com
John Perilli
Prosek Partners for Bell Partners Inc.
Phone: (646) 818-9264
Email: jperilli@prosek.com