Bell Partners has made its eleventh acquisition in Southern California with the Silverado Apartment Homes, a 492-unit apartment community located in Murrieta. With the purchase from Culver City, California-based Realty Center Management, announced on Monday, the firm now has more than 3,100 apartments in the region.
The Greensboro, North Carolina-based company acquired the asset, which it will rename Bell Murrieta Springs, through its Value Add Fund VIII for $146.5 million, according to a press release shared with Multifamily Dive. Institutional Property Advisors (IPA), a division of Calabasas, California-based brokerage firm Marcus & Millichap, represented Realty Center Management.
Bell Murrieta Springs, completed in 2007, features one-, two- and three-bedroom floor plans with an average unit size of 948 square feet. The property’s amenities include a walking trail surrounding the entire property, two pools and an expansive clubhouse. The property is also within walking distance to Meadowridge Park, a city-owned park that provides residents with additional open space, a playground and basketball courts.
“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,” Lili Dunn, president and CEO of Bell Partners, said in a press release
The property is located at the junction of I-15 and I-215, offering access to points south in San Diego County and north in Riverside and Orange counties.
Bell, which ranked No. 15 on the latest National Multifamily Housing Council top managers’ list, used its on-the-ground presence in Southern California to secure the property. “Our ability to successfully complete this transaction is the result of leveraging our deep local expertise, existing relationships and proprietary market research,” said Nickolay Bochilo, chief investment officer at the company, in the press release.
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