Bell Partners Inc has acquired Redmond, Washington-based Alexan Marymoor, a multifamily community. No financial terms were disclosed.
GREENSBORO, N.C., Jan. 3, 2020 /PRNewswire/ — Bell Partners Inc., one of the nation’s leading apartment investment and management companies, today announced that it has acquired Alexan Marymoor, a 222-unit multifamily community in Redmond, Washington on behalf of its Fund VII investors. The property will be renamed Bell Marymoor Park and will be managed by Bell Partners. This is the company’s second acquisition in the Seattle metro area, following the acquisition of Bell Overlake in September.
Bell Marymoor Park is situated near the Seattle area’s largest employers, including Amazon, Facebook and Salesforce. Additionally, the multibillion-dollar redevelopment of Microsoft’s nearby world headquarters will create further job opportunities for residents. Multiple light-rail stations are being constructed near the property with completion scheduled for 2023, which will connect the community more closely with downtown Seattle and the greater Puget Sound region.
“Our investment in Bell Marymoor Park represents a continuation of our strategy to acquire high quality communities in desirable and growing locations where our vertically integrated platform can enhance value,” said Nickolay Bochilo, Executive Vice President of Investments at Bell Partners. “The east side of Seattle is an attractive area for investment due to rapidly expanding major technology companies, high-quality schools, differentiated lifestyle amenities and the high cost of buying versus renting. These factors support attractive fundamentals for rental housing.”
Built in 2019, Bell Marymoor Park has thoughtfully designed modern amenities and unit finishes. The property is comprised of a single structure, including a parking garage, and units feature stainless steel appliances, vinyl-plank flooring, quartz countertops, tile backsplashes and in-unit washers and dryers. Communitywide amenities include a rooftop “treehouse” with grilling stations, a bar, fireplace and sun-nooks; an arboretum; a bike repair station and storage; a conference center and a fitness center.
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 55,000 units under management, Bell Partners is one of the largest apartment operators and renovators in the United States. The Company has over 1,400 associates and eight offices (including its headquarters in Greensboro, N.C.) and offers an extensive and full-service platform containing expertise in acquisitions and dispositions, construction, 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 $15 billion of apartment transactions since 2002, including approximately $1 billion in 2019 transactions. For more information, visit our website at www.bellpartnersinc.com.