Murrieta Apartment Complex Sells For $146.5 Million

MURRIETA, CA — A 492-unit apartment complex located between the 15 and 215 freeways in Murrieta has sold for $146.5 million, it was announced this week.

On Monday, North Carolina-based Bell Partners Inc. said it acquired Silverado Apartment Homes at 25100 Vista Murrieta. The deal was part of Bell’s Value Add Fund VIII investments. The investment strategy involves buying undervalued property and making improvements to increase value. The goal is to maximize value before selling, according to the company.

Silverado Apartment Homes is being renamed Bell Murrieta Springs.

"Despite challenging market conditions, I am proud of our team for sourcing an exceptional opportunity to meet our investment objectives," said Nickolay Bochilo, chief investment officer 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."

"We are excited to add Bell Murrieta Springs to the Bell platform," said 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."

It's not immediately clear how the planned improvements might affect tenant rents at Bell Murrieta Springs.

Completed in 2007, Bell Murrieta Springs features one-, two- and three-bedroom floor plans with an average unit size of 948 square feet. Amenities include a green belt with a walking trail, two pools and a clubhouse.

With the Murrieta acquisition, Bell Partners now owns and/or manages 11 apartment communities in Southern California containing over 3,100 apartment homes, according to the company.

Established in 1976, Bell Partners is a privately held apartment investment and management company focused on multifamily rental communities throughout the United States. The company reports managing more than 85,000 apartment homes.

CORRECTION: This story has been updated to correctly reflect that Bell Partners Inc. is headquartered in North Carolina. A previous version of the story incorrectly reported the company is a Texas-based firm.