Bell Partners Acquires Third Property in Greater Seattle Area

Rhea-AI Summary

Bell Partners has acquired Modera Jackson, a 160-unit apartment community in Seattle, Washington, marking its third property in the Seattle metro area. The acquisition was made on behalf of the firm's Fund VII investors and enhances Bell's presence in the West Coast market amid Seattle's strong economic fundamentals. The property will be renamed Bell Jackson Street and features modern amenities, including keyless entries and a rooftop clubhouse. With over 328,000 jobs in the area, Seattle offers long-term growth prospects despite current economic challenges.

Positive

• Acquisition of Modera Jackson enhances Bell Partners' portfolio in the strong Seattle market.
• Location provides access to a vibrant community and numerous Fortune 500 companies.
• Modern amenities and design cater to current tenant preferences, potentially driving demand.

Negative

• Potential economic challenges in the near term may affect occupancy rates and rental income.

GREENSBORO, N.C., Jan. 27, 2021 /PRNewswire/ -- Bell Partners Inc., one of the nation's leading apartment investment and management companies, today announced that it has acquired Modera Jackson, a 160-unit apartment community located in Seattle, Wash. The property, acquired on behalf of the firm's Fund VII investors, will be renamed Bell Jackson Street. The seller is Boca Raton, Florida-based Mill Creek Residential. Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), served as broker on the transaction.

Bell Jackson Street is located in the heart of Seattle's historic Central District, giving residents access to a vibrant residential neighborhood and community. The city of Seattle is the largest employment center in the Pacific Northwest with over 328,000 jobs in the downtown core. Fortune 500 companies with headquarters in the city include Amazon, Nordstrom and Starbucks, and other notable employers include Apple, Facebook, Google and Microsoft.

The acquisition represents Bell Partners' third owned community in the Seattle metro area and continues the firm's expansion on the West Coast. Including Bell Jackson Street, Bell Partners owns and/or manages over 1,200 apartment units across six properties in West Coast markets including Seattle, the Bay Area and Los Angeles.

"With the acquisition of Bell Jackson Street, we are thrilled to grow our Seattle portfolio with a focus on locations that offer strong long-term growth prospects," said Nickolay Bochilo, EVP of Investments at Bell Partners. "Despite near-term economic challenges, we continue to believe in the long-term economic fundamentals of the Seattle metro area. The city's top-tier educational institutions, the culture of innovation and presence of some of the world's leading companies provide a strong foundation for job and population growth in the coming years."

Built in 2018, Bell Jackson Street is comprised of 160 studio, one- and two-bedroom apartment homes. All units are equipped with keyless entries, programmable thermostats and A/C ports and stainless-steel appliances, and include quartz countertops and vinyl plank flooring throughout. Select homes have direct patio access, Juliet balconies and foyers for added privacy. Community amenities include a rooftop clubhouse with an adjacent deck, media and conference rooms, a state-of-the-art fitness center, electric vehicle stalls and bike storage. The property features views of the Seattle skyline, Puget Sound and the Cascade Range from the rooftop deck and many of the apartments. Bell Partners closely follows guidelines from local, state and federal health authorities regarding the operation and cleanliness of community amenities.

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 63,000 units under management, Bell Partners is one of the largest apartment operators and renovators in the United States. The Company has over 1,500 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 $16 billion of apartment transactions since 2002, including over $1.2 billion in 2020 transactions. For more information, visit our website at www.bellpartnersinc.com.

Contacts:
John Perilli / Allie Rudden
Prosek Partners for Bell Partners Inc.
(212) 279-3115
jperilli@prosek.com / arudden@prosek.com

View original content:http://www.prnewswire.com/news-releases/bell-partners-acquires-third-property-in-greater-seattle-area-301216371.html

SOURCE Bell Partners Inc.

FAQ

What does the acquisition of Modera Jackson mean for MMI investors?

The acquisition expands Bell Partners' presence in a high-demand market, potentially increasing returns for MMI investors.

When was Modera Jackson acquired by Bell Partners?

The acquisition was announced on January 27, 2021.

How many properties does Bell Partners own in the Seattle area?

With this acquisition, Bell Partners owns three properties in the Seattle metro area.

What are the expected benefits of acquiring Modera Jackson for Bell Partners?

The acquisition is expected to provide long-term growth prospects due to Seattle's strong job market.