BGO Acquires Bell Partners in $350M Deal, Increases Assets to $100B

BentallGreenOak (BGO), the $90 billion global real estate asset manager, is expanding its U.S. multifamily business via its acquisition of Bell Partners, a $10 billion vertically integrated property management and development firm with more than 70,000 units in its portfolio.

BGO — through its publicly traded parent company Sun Life Financial — entered into an agreement to purchase Bell Partners in a $350 million deal that was announced March 30 and is expected to close in the third quarter of 2026. 

The deal is expected to create a partnership that will place more than $100 billion in assets under BGO’s purview and bring Bell Partners’ diverse and expansive multifamily portfolio, which is managed by nine offices across 12 U.S. regions, into the fold while retaining its operational independence from BGO.  

Amy Price, co-president of BGO, told Commercial Observer that while her firm has a vertically integrated multifamily business in Canada, it does not have that same investment in the U.S., making Bell Partners a perfect match for its domestic ambitions. 

“Multifamily is a high-conviction sector for us here in the U.S., and multifamily is an asset class that has always been, but continues to become, more operationally intensive,” said Price. “Scale and specialization matters, and Bell Partners adds immediate operational excellence within BGO.”

Price also noted that the U.S. remains in a housing crisis, so global investor demand for institutional-quality multifamily units across the country remains strong, largely due to the lack of supply. 

“Many global investors remain under-allocated in the sector, and we see increased interest from those same institutions to invest directly with operators like Bell Partners,” she explained. “The opportunity to own a vertically integrated operating business and investment manager was important and also aligned with our own investors’ interests.”

The stock price of Sun Life Financial (SNF) currently sits at roughly $62 per share, up nearly 9 percent from a year ago. 

Bell Partners was founded in 1976 by Steven Bell, whose family was involved with running the business for decades after. The firm leadership transitioned to Lili Dunn beginning in 2016. Dunn succeeded Jon Bell as CEO in 2022, becoming the first non-family member to lead the company. 

In a statement, Dunn called the merger “a natural step in our evolution,” and one that will open up new investment and development opportunities for the firm as it retains much of its independence. 

“This opportunity will extend Bell’s operating and investment expertise across a larger residential platform and strengthen our depth and reach,” she said.  

Price told CO that her relationship with Dunn goes back several years, and that the two firms independently identified BGO’s gap and desire to have a vertically integrated multifamily business under its larger asset management umbrella. 

“The strategic rationale is clear, and ensuring there’s cultural alignment and that these businesses will fit together going forward is really important,” Price said. “We have spent a lot of time analyzing and assessing that alignment, and we feel really good about it.”  

Brian Pascus can be reached at bpascus@commercialobserver.com.