US multifamily real estate specialist Bell Partners has a acquired $146.5m (鈧�134.8m) apartment community in California for its value-add fund.
Bell Partners has acquired the 492-unit Silverado Apartment Homes in Murrieta on behalf of its Value Add Fund VIII. The asset will be renamed Bell Murrieta Springs.
Completed in 2007, Bell Murrieta Springs is located at the junction of I-15 and I-215.
Nickolay Bochilo, CIO at Bell Partners, said: 鈥淒espite challenging market conditions, I am proud of our team for sourcing an exceptional opportunity to meet our investment objectives.
鈥淥ur ability to successfully complete this transaction is the result of leveraging our deep local expertise, existing relationships and proprietary market research.鈥�
Lili Dunn, president and CEO of Bell Partners, said: 鈥淲e are excited to add Bell Murrieta Springs to the Bell platform. 鈥淲e 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.鈥�
The acquisition adds over 3,100 units to Bell Partners鈥檚 Southern California portfolio, bringing their total to more than 11 communities.
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