Bell Partners鈥� latest US value-add apartment fund has invested $85.2m (鈧�70m) to buy an asset in California from Oregon Public Employees Retirement Fund (PERF) and GID鈥檚 partnership.
The Bell Apartment Fund VII fund has acquired the 232-unit Windsor asset at Redwood Creek apartment complex in Rohnert Park and will rename the property Bell Rohnert Park.
Nickolay Bochilo, executive vice president with Bell Partners, said: 鈥淲e look forward to improving the property via a targeted capital expenditure program focused on common area amenities and apartment interiors, which should create a better living experience for current and future residents.鈥�
Anthony Breault, senior real estate investment officer for the Oregon State Treasury, said the decision to sell the 232-unit Windsor asset at Redwood Creek apartment complex in Rohnert Park was in line with the venture鈥檚 portfolio management plan.
鈥漈he asset has been a great performing property throughout our hold period which dates back to 2006.
鈥淥ur program with GID does not include a large component of renovations and value-add work. Given how long we鈥檝e had the property, the decision was made that there are large buyer pools seeking such property profiles and will factor into their sales pricing,鈥� Breault said.
He said: 鈥淲e have a number of properties under development with GID across the country, so the equity can be recycled to bring these newer assets into the portfolio. The locations of these new developments are South Florida, Texas, Massachusetts and the Pacific Northwest.鈥�
A previous version of this story misstated the price of the Windsor asset.
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