Bell Partners Acquires Southern California Apartment Community
492-unit community in Murrieta, CA purchased for Bell Value-Add Fund VIII
GREENSBORO, N.C. – May 13, 2024 – Bell Partners (the “Company”), one of the nation’s largest apartment investment and management companies, today announced it has acquired Silverado Apartment Homes, a 492-unit apartment community located in Murrieta, California. The community was acquired on behalf of the Company’s Value Add Fund VIII investors for a purchase price of $146.5 million. The property will be renamed Bell Murrieta Springs.
“Despite challenging market conditions, I am proud of our team for sourcing an exceptional opportunity to meet our investment objectives”, said Nickolay Bochilo, Chief Investment Officer at Bell Partners. “Our ability to successfully complete this transaction is the result of leveraging our deep local expertise, existing relationships, and proprietary market research.”
“We are excited to add Bell Murrieta Springs to the Bell platform.”, said Lili Dunn, President and CEO of Bell Partners. “We believe the planned operating and capital improvements will enhance the living experience for our current and future residents and help us achieve our performance objectives.”
Completed in 2007, Bell Murrieta Springs is located at the junction of I-15 and I-215, offering easy access to points south in San Diego County and north in Riverside and Orange Counties. The community features one, two- and three-bedroom floor plans with an average unit size of 948 square feet. Amenities include an extensive green belt with a walking trail surrounding the entire property along with two pools and an expansive clubhouse. The property also exclusively features easy walking access along a nature preserve to Meadowridge Park, a city owned park, providing residents with an additional open space, playground, and basketball courts to enjoy.
With this acquisition Bell Partners now owns and/or manages 11 apartment communities in Southern California containing over 3,100 apartment homes.
About Bell Partners
Established in 1976, Bell Partners Inc. is a privately held apartment investment and management company focused on quality multifamily rental communities throughout the United States. The Company manages more than 85,000 apartment homes in markets across the U.S., including communities in the San Francisco Bay Area, Southern California, Washington, Texas, Colorado, the Southeast, Washington D.C., and Boston. With over 2,000 associates and ten offices, Bell Partners offers an extensive full-service vertically integrated national platform of expertise in acquisitions and dispositions, construction, financing, property operations, accounting, risk management, and related support functions. Led by a senior management team with an average of 20+ years of experience navigating marketing cycles, Bell Partners has invested throughout all phases of the real estate cycle and has completed over $18 billion of apartment transactions since 2002. With a focus on the customer, Bell pairs its corporate infrastructure with a deep local presence to drive performance. For more information, visit bellpartnersinc.com.
Media Contact:
Rosie Downey
Allison for Bell Partners
BellPartners@allisonworldwide.com