(EDITOR’S NOTE: According to sources familiar with the deal, the property traded for $156 million, or about $866,667 per unit. Public records show that the seller was San Francisco-based MacFarlane Partners).
Marin County property marks the company’s third acquisition in California in 2021
GREENSBORO, N.C. – Dec. 6, 2021 – Bell Partners Inc., one of the nation’s leading apartment investment and management companies, today announced the acquisition of Tam Ridge Residences, a 180-unit apartment community in the San Francisco suburb of Marin County. Acquired on behalf of the company’s Bell Core Fund I investors, the community marks Bell Partners’ third acquisition in California in 2021 and will be renamed to Bell Mt. Tam.
Bell Mt. Tam offers residents an abundance of recreation options. Marin County is near more than 100 miles of rugged coastline, connecting residents to redwood forests, oak-bay woodlands and beaches. Residents enjoy a bike path adjacent to the community, as well as the nearby 620-acre Corte Madera Marsh Ecological Reserve, a popular bird-watching destination. Mount Tamalpais, Stinson Beach, the San Francisco Bay and Golden State National Recreation Area are all within a five-mile radius of the property.
Bell Mt. Tam’s residents also enjoy nearby shopping, dining and entertainment options, as well as proximity to numerous area wineries. Premier destinations such as the Village at Corte Madera, an open-air shopping center, are half a mile from Bell Mt. Tam in addition to several restaurants, cafes and breweries. Neighboring downtown districts within Marin County, including Downtown Larkspur, are walkable from the community.
In addition to ample recreation and leisure, Bell Mt. Tam offers convenient commuter access to nearby metro areas, including San Francisco. The community is within walking distance of the Larkspur Ferry terminal which provides direct service to San Francisco’s central business district. Bell Mt. Tam is also close to Highway 101, connecting residents to the city via the Golden Gate Bridge, as well as Interstate 580.
“The acquisition of Bell Mt. Tam is an exciting addition to our growing West Coast portfolio given its highly desirable location in a supply constrained area and modern apartment finishes,” said Nickolay Bochilo, EVP of Investments at Bell Partners. “The acquisition of Bell Mt. Tam reflects our focus on finding investments that offer compelling long-term fundamentals and opportunities to enhance and protect value via our operating platform. We are thrilled to become the new steward of this special community for years to come.”
Built in 2017, Bell Mt. Tam features six buildings offering a mix of one-, two- and three-bedroom units. Residents enjoy a rooftop terrace and an expansive half-acre, interior landscaped park with a resort-style pool and spa, community kitchen and firepit lounge. Resident homes include Class A features such as designer hardware and stainless steel appliances, high ceilings and generous patios or decks. The community also features 3,100 square feet of on-site retail, including Andy’s Market, a grocery and specialty store.
Adding to Bell Partners’ West Coast portfolio, the acquisition of Bell Mt. Tam follows the company’s September purchase of Bell Hanover Center, a 395-unit community located in Los Angeles, as well as the acquisition of nearby 232-unit Bell Rohnert Park in February.
About Bell Partners Inc.
Established in 1976, Bell Partners Inc. (“Bell Partners” or the “Company”) is a privately held, vertically integrated apartment investment and management company focused on high-quality multifamily communities throughout the United States. With approximately 70,000 units under management, Bell Partners is one of the largest apartment operators and renovators in the United States. The Company has over 1,600 associates and ten offices (including its headquarters in Greensboro, N.C.) and offers an extensive and full-service platform containing expertise in acquisitions and dispositions, construction, financing, property operations, accounting, risk management, and all other related support functions. Bell Partners is led by a senior management team with an average of over 20 years of experience that has invested throughout all phases of the real estate cycle and has helped the Company complete over $22 billion of apartment transactions since 2002. The Company has completed $4.8 billion in transactions in 2021.