Bell Partners Continues Westward Expansion With 395-Unit Complex In The Valley
North Carolina-based Bell Partners purchased the property at 6636 Variel Ave. on behalf of the firm's Bell Core Fund I investors. It declined to disclose a purchase price.
"The acquisition of this community reflects our focus on finding high quality properties in areas with attractive long term economic fundamentals,” Bell Partners Executive Vice President of Investments Nickolay Bochilo said in a statement.
The parcels where the apartment complex now stands sold in 2019 to Hanover Co. for $31M, according to public records on Reonomy. At that time, the properties held commercial buildings. Hanover built the apartment complex, which opened in 2020, on the site.
Hanover Co. didn't immediately respond to requests for comment.
“The choice of a desirable suburban location in the Los Angeles metro reflects our view that suburbs will continue to benefit from demographic and migration shifts that have been accelerated during the COVID pandemic,” Bochilo said.
So far this year, Bell Partners has added properties in the Bay Area and in Seattle. The firm also owns a property in Pasadena at 3330 East Foothill Blvd., which it purchased in 2018 for $97.25M from Hines, according to Reonomy.