Bell Snags First Seattle-Area Acquisition, Pays $96M for Redmond MF
Greensboro, NC-based Bell Partners Inc. acquired 3040 Apartments, a 243-unit multifamily community located in Redmond, WA for $96 million on behalf of its Fund VI investors. The property will be managed by Bell and be renamed Bell Overlake. The seller was reportedly an entity related to White Peterman Properties Inc.
Bell Overlake is Bell Partners’ first acquisition in the Seattle metro area, in addition to the four area properties the firm manages.
Bell Partners’ Nickolay Bochilo says, “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, enhancing the asset’s high quality.”
Developed in 2019, the property is near employers including Microsoft, Amazon, Google and Facebook; and is close to the Seattle Transit Link light rail expansion.
For comments, questions or concerns, please contact Dennis Kaiser
Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services.
In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company.
In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix.
Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator.
Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements.
Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.