Courtesy of Sares Regis/Chet Frohlich
Bell South City exterior building
Bell Partners Inc. has purchased Cadence Apartments, a 260-unit multifamily property in South San Francisco, according to a press release. Bell Partners purchased the property for $206 million 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 in early 2019. The property was designed by TCA Architects. Bell Partners acquired the property on behalf of its Bell Apartment Fund VII investors. He will rename the complex Bell South City.
The property contains a mix of studios, one-bedroom, two-bedroom, and three-bedroom apartments. Rents on the property start at $3.1,000 for a studio and can reach $5.4,000 for a three-bedroom unit.
Nickolay Bochilo, executive vice president of investments at Bell Partners, said bisnow the company secured financing for approximately half the purchase price of the property, which is approximately 90% occupied. Bochilo said Bell Partners has a typical holding period of seven to 10 years, which it will continue with this purchase.
Bell Partners has tentative plans to invest just over $500,000 in improving equipment, with a focus on working from home, Bochilo said.
“We can invest capital to configure amenity spaces, really with post-pandemic guest preferences in mind. Examples could be coworking spaces or spaces well suited to 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 plans to pursue. His last purchaseIn late 2021, 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.