Bell Partners Makes a $123 Million Purchase in Los Angeles – Bell South Bay
GREENSBORO, N.C. (February 6, 2018) — Bell Partners Inc., one of the nation’s leading apartment investment and management companies, announced today that, on behalf of its investors, it has acquired Avaire South Bay, a 264-unit community in Los Angeles. The purchase price was $123 million. The community has been renamed Bell South Bay and will be managed by Bell Partners.
Nickolay Bochilo, Senior Vice President, Investments, said: “We are pleased to announce our first acquisition in California. Bell South Bay is a high quality asset located in a vibrant and growing submarket of West Los Angeles. The magnitude of this investment underscores our commitment to the West Coast market and to our on-going strategy of securing high-quality assets that provide attractive income and value growth prospects. With the addition of our West coast based team, we expect to be increasingly active in 2018.”
Completed in 2016, Bell South Bay is comprised of a 5-story structure, with secured parking, developed in a ‘wrap’ style configuration with spacious studios, one and two bedroom floor plans averaging 815 square feet. Select units offer two-story lofts with soaring 20’ ceilings. The living spaces offer modern décor, with open living areas, refined finishes, luxe bathrooms, high-end flooring, and oversized windows and balconies or decks that allow extensive natural light.
Community amenities include one of the largest indoor/outdoor lounge areas in the market that features a dramatic fireplace, media center, entertainment kitchen and private dining area. Additional community amenities include a resort style pool with cabanas, fitness center and yoga studio, outdoor lounge with fire pit, social clubhouse, spacious cyber café, game lounge, and bike room. The community is located just minutes from the Pacific Ocean at the confluence of Los Angeles’ South Bay and Westside neighborhoods. Residents are at the doorstep of the Green Line Metrorail Station and conveniently near the intersection of the 405 and 105 Freeways.
The purchase of Bell South Bay is the first multifamily acquisition for Bell in 2018. In 2017, Bell completed nearly $1.2 billion in total apartment transactions.
About Bell Partners Inc.
Established in 1976, Bell Partners Inc. (“Bell Partners” or the “Company”) is a privately held, vertically integrated apartment investment and management company focused on high-quality multifamily communities throughout the United States. With approximately 50,000 units under management, Bell Partners is one of the largest apartment operators and renovators in the United States. The Company has nearly 1,500 associates and 8 offices (including its headquarters in Greensboro, N.C.) and offers an extensive and full service platform containing expertise in acquisitions and dispositions, financing, property operations, accounting, risk management and all other related support functions. Bell Partners is led by a senior management team with an average of over 20 years of experience that has invested throughout all phases of the real estate cycle and has helped the Company complete over $13 billion of apartment transactions since 2002, including nearly $1.2 billion in 2017 transaction. For more information, visit our website at www.bellpartnersinc.com.