Bell Partners Purchases San Francisco-Area Community
Bell Partners recently bought its third acquisition of a multifamily property in California for the year. On behalf of its Bell Core Fund I investors, the company acquired Tam Ridge Residences in Corte Madera. According to Yardi Matrix data, the seller, MacFarlane Partners, had developed the community back in 2017.
As recently reported in Multi-Housing News, the new owners will rename the 180-unit community, which is located at 199 Tamal Vista Blvd, to Bell Mt. Tam. Made up of six buildings, the apartment complex features one, two and three-bedroom units ranging in size from 600 to 1,307 square feet. The units have high ceilings and patios or decks.
The amenities of Bell Mt. Tam includes a half-acre park with a heated pool and spa, rooftop terrace, community kitchen, fire pit lounge as well as a fitness center. The community also has 3,100 square feet of retail, which includes grocer Andy’s Market.
Bell Mt. Tam is walking distance from the Larkspur Ferry terminal which connects to San Francisco’s central business district. Residents also have access to Highway 101 that connects to the city. It is also conveniently located near several outdoor recreation spots such as the Corte Madera Marsh Ecological Reserve, Mount Tamalpais, Stinson Beach, and the San Francisco Bay and Golden State National Recreation Area.
Per Nickolay Bochilo, executive vice president of investments at Bell Partners, the community was nearly 92 percent occupied at the time of closing.
This is the third acquisition for the company this year. In September, the company bought Bell Hanover Center, a 395-unit community in Los Angeles, to continue the expansion of its West Coast portfolio. Six months prior, Bell Partners purchased the 232-unit Bell Rohnert Park in Rohnert Park.
”Both the Los Angeles and San Francisco metro areas are markets we are targeting for investment based on long-term apartment fundamentals,” Bochilo told Multi-Housing News.
“Current investment market conditions offer a contrarian opportunity to acquire assets in well-located submarkets of gateway coastal metros that have had more stringent pandemic lockdowns, and corresponding delayed economic recovery.”
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