September 24, 2019
Greensboro, NC-based Bell Partners Inc. acquired 3040 Apartments, a 243-unit multifamily community located in Redmond, WA for $96 million on behalf of its Fund VI investors. The property will be managed by Bell and be renamed Bell Overlake. The seller was reportedly an entity related to White Peterman Properties Inc.
Bell Overlake is Bell Partners’ first acquisition in the Seattle metro area, in addition to the four area properties the firm manages.
Bell Partners’ Nickolay Bochilo says, “The investment represents an opportunity to benefit from the attractive fundamentals in Redmond and Bellevue, including the substantial amount of new office space being built by Microsoft and other major employers. We also plan to leverage the Bell platform to enhance resident experience via physical and operational improvements, enhancing the asset’s high quality.”
Developed in 2019, the property is near employers including Microsoft, Amazon, Google and Facebook; and is close to the Seattle Transit Link light rail expansion.
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