Sares Regis Trades South San Francisco Multifamily to Bell Partners

Sares Regis Group of Northern California and Bell Partners LLC announced the sale of Celeste Apartments, a 195-unit multifamily community in South San Francisco. The LEED Silver certified property, located at 401 Cypress Ave. and adjacent to the Caltrain station, was acquired by Bell Partners on behalf of its Bell Growth & Income Fund investors and will be renamed Bell South City II.

The seller, a partnership between Sares Regis and an institutional equity partner, was represented by Berkadia in San Francisco. The acquisition price was undisclosed. Celeste Apartments is the second Sares Regis property acquired by Bell Partners, following the $206-million sale of nearby Cadence in 2022.

“Sares Regis has been a pioneer in multifamily residential development in South San Francisco, bringing 455 apartments to market, starting with Cadence in 2019 and its neighbor Celeste welcoming residents three years later,” said Drew Hudacek, CIO for Sares Regis. “We are proud to have helped advance the city’s vision for its downtown under the Downtown Station Area Specific Plan.”

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Inside The Story

Sares Regis' Hudacek

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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