GREENSBORO, NC - Bell Partners (the “Company”), one of the nation’s largest apartment investment and management companies, today announced it has acquired Silverado Apartment Homes, a 492-unit apartment community located in Murrieta, California. The community was acquired on behalf of the Company’s Value Add Fund VIII investors for a purchase price of $146.5 million. The property will be renamed Bell Murrieta Springs.
“Despite challenging market conditions, I am proud of our team for sourcing an exceptional opportunity to meet our investment objectives,” said Nickolay Bochilo, Chief Investment Officer 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.”
“We are excited to add Bell Murrieta Springs to the Bell platform,” said 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.”
Completed in 2007, Bell Murrieta Springs is located at the junction of I-15 and I-215, offering easy access to points south in San Diego County and north in Riverside and Orange Counties. The community features one, two- and three-bedroom floor plans with an average unit size of 948 square feet. Amenities include an extensive green belt with a walking trail surrounding the entire property along with two pools and an expansive clubhouse. The property also exclusively features easy walking access along a nature preserve to Meadowridge Park, a city owned park, providing residents with an additional open space, playground and basketball courts to enjoy.
With this acquisition Bell Partners now owns and/or manages 11 apartment communities in Southern California containing over 3,100 apartment homes.