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Bell Partners Adds to SoCal Portfolio with $147M Murrieta Deal
(Updated with additional information)
Bell Partners said Monday it had acquired Silverado Apartment Homes, a 492-unit apartment community located in Murrieta. The community was acquired on behalf of the company’s Value Add Fund VIII investors for $146.5 million and will be renamed Bell Murrieta Springs.
Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Realty Center Management, Inc., and procured the buyer. “Silverado presented a unique opportunity to acquire a newer vintage—2007—Inland Empire asset with substantial upside in a burgeoning submarket with strong fundamentals,” said Green.
“Despite challenging market conditions, I am proud of our team for sourcing an exceptional opportunity to meet our investment objectives,” said Nickolay Bochilo, CIO 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.”
Added 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.”
With this acquisition, Bell Partners now owns and/or manages 11 apartment communities in Southern California spanning more than 3,100 units.
- ◦Sale/Acquisition
