Bell Partners has acquired Silverado Apartment Homes, a 492-unit apartment community located in Murrieta. The community was acquired on behalf of the company’s Value Add Fund VIII investors for $146.5 million and will be renamed Bell Murrieta Springs.
Bell Murrieta Springs features pet-friendly apartments of 1- to 3-bed and 1- to 2-bath floorplans ranging in size from 680 to 1,100 square feet. Residents enjoy courtesy night patrol, a clubhouse, a game room with billiards table, plus two shimmering pools with expansive sundecks, hot tubs and grilling stations for dining al fresco–plus a fitness center and dog park so that everyone can stretch their legs.
Surrounded by award-winning wineries and mellow mountain views, our easygoing enclave is an ideal place to cultivate a brighter future. The property has boasts convenient location in the Temecula Valley, a serene escape with easy access to beaches, mountains and desert. And with Interstates 15 and 215 just a few minutes away, all of Southern California is yours to explore.
Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Realty Center Management, Inc., and procured the buyer. “Silverado presented a unique opportunity to acquire a newer vintage—2007—Inland Empire asset with substantial upside in a burgeoning submarket with strong fundamentals,” said Green.
“Despite challenging market conditions, I am proud of our team for sourcing an exceptional opportunity to meet our investment objectives,” said Nickolay Bochilo, CIO 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.”
Added 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.”
Established in 1976, Bell Partners Inc. is a privately held, vertically integrated apartment investment and management company focused on quality multifamily rental communities throughout the United States. The Company currently manages more than 85,000 apartment homes in markets across the U.S., including communities in the San Francisco Bay Area, Southern California, Washington, Texas, Colorado, the Southeast, Washington D.C., and Boston. The company broadened its footprint into the western U.S. in recent years and added over 10,400 apartment homes to its management portfolio over the last 12 months. With over 2,000 associates and nine offices, Bell Partners offers an extensive full-service platform of expertise in acquisitions and dispositions, construction, financing, property operations, accounting, risk management, and related support functions.
