Bell Partners Picks Up 260 Units In South San Francisco, Eyes WFH Amenity Boost
Bell Partners Inc. has purchased the Cadence Apartments, a 260-unit multifamily property in South San Francisco, according to a press release. Bell Partners purchased the property for $206M from a partnership between Sares Regis Group of Northern California and the AFL-CIO Building Investment Trust.
SRGNC broke ground on the development at 400 Cypress Ave. in 2017 and completed it at the onset of 2019. The property was designed by TCA Architects. Bell Partners acquired the property on behalf of its Bell Apartment Fund VII investors. It will rename the complex Bell South City.
The property contains a mixture of studio, one-bedroom, two-bedroom and three-bedroom apartments. Rents on the property start at $3.1K for a studio and run up to $5.4K for a three-bedroom unit.
Nickolay Bochilo, executive vice president of investments at Bell Partners, told Bisnow the company obtained financing for roughly half of the purchase price of the property, which is around 90% occupied. Bochilo said Bell Partners has a typical hold period of seven to 10 years, which it will continue with this purchase.
Bell Partners has tentative plans to invest just over $500K in amenity improvements, with a focus toward serving work from home, Bochilo said.
“We may invest some capital to configure amenity spaces, really with an eye on post-pandemic customer preferences. Examples could be coworking spaces or spaces that are well suited for work-from-home environments,” he said.
The company has been particularly bullish on acquisitions in the South San Francisco market, as well as the rest of the Bay Area, which the company expects to continue. Its most recent purchase, in late 2021, of the Tam Ridge Residencies, a 180-unit community in Marin County, was the company’s third such acquisition in California last year.
SRGNC and AFL-CIO were represented by Berkadia Institutional Solutions San Francisco in the transaction.
