SoCal Apartment Complex Trades Hands for $147M
By Nick Trombola May 13, 2024 12:05 pm
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Industrial properties aren’t the only assets changing hands for nine figures in the Inland Empire of Southern California.
Greensboro, N.C.-based Bell Partners has acquired the 492-unit Silverado Apartment Homes in Murrieta, Calif. The firm paid $146.5 million for the property to former owner Realty Center Management. Kevin Green, Joe Grabiec, and Greg Harris of Institutional Property Advisors represented the seller.
“Silverado presented a unique opportunity to acquire a newer vintage — 2007 — Inland Empire asset with substantial upside in a burgeoning submarket with strong fundamentals,” Green said in a statement.
Bell Partners purchased the property on behalf of its $1.3 billion investing fund, Value Add Fund VIII, which it closed last summer. The complex will be renamed Bell Murrieta Springs, according to the company.
Built in 2007 on 22 acres, the apartment complex, which features one-, two- and three-bedroom apartments with an average size of 948 square feet, is at 25100 Vista Murrieta, a few blocks north of the junction of Interstate 15 and Interstate 215.
“Despite challenging market conditions, I am proud of our team for sourcing an exceptional opportunity to meet our investment objectives,” Bell Partners’ Chief Investment Officer Nickolay Bochilo said in a statement.
Bell Partners, one of the largest apartment owners and managers in the country with more than 85,000 units under its wing across the country, has made some serious inroads in Southern California. With the acquisition of Silverado Apartment Homes, the firm now owns or manages 11 such properties in the region, comprising more than 3,100 units.
Multifamily sales in the Inland Empire tapped the brakes at the end of 2023 after years of consistent growth alongside its industrial market, which is the largest in the country. Investment sales activity last fall had hit the lowest amount in the past 10 years, along with a price-per-unit that dipped 14.5 percent compared to the previous year.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
