(EDITOR’S NOTE: According to sources with knowledge of the transaction details, the property traded for $206 million, or just around $792,308 per unit.)
SOUTH SAN FRANCISCO, Calif. (May 12, 2022) – Sares Regis Group of Northern California (SRGNC) and Bell Partners, Inc., today announced the sale of Cadence Apartments, a 260-unit multifamily community located in South San Francisco, California. The property was acquired by Bell Partners, Inc. on behalf of its Bell Apartment Fund VII investors and will be renamed Bell South City. The seller, a partnership between SRGNC and the AFL-CIO Building Investment Trust, was represented by Berkadia Institutional Solutions (BIS) San Francisco.
“We are thrilled about this transaction, as it demonstrates the strength and desirability of new, high-quality housing in downtown South San Francisco,” said Drew Hudacek, Chief Investment Officer for SRGNC. “Sares Regis remains committed to our strategy of densifying near transit and developing a second phase with additional new apartments at 401 Cypress Ave., which we broke ground on a few months ago. Downtown South San Francisco is experiencing a post-pandemic renaissance with booming biotech, new housing, and the recent grand opening of a rebuilt Caltrain station – and we are proud to be a part of it.”
Completed in 2019, the community is located at 400 Cypress Avenue and is within walking distance of the retail amenities of South San Francisco’s central business district along Grand Avenue and adjacent to the biotech employment hub of South San Francisco’s Oyster Point. Residents are afforded convenient access to San Francisco and Peninsula employment centers via the property’s close proximity to U.S. Highway 101 and the newly relocated South San Francisco Caltrain station.
“Bell South City is an exciting addition to our West Coast portfolio and complements our strategy of investing in transitioning urban submarkets,” said Nickolay Bochilo, EVP of Investments at Bell Partners. “The asset is well-positioned for the momentum we see underway in the recovering Northern California multifamily market.”
Bell South City features studio, one- and two-bedroom luxury floorplans with an expansive set of common area amenities including private conference rooms, a clubroom with full demonstration kitchen, a state-of-the-art fitness center, a rooftop lounge, and landscaped courtyards with outdoor grills.
“The community is located at the doorstep of one of the world’s largest cluster of biotech companies at Oyster Point, next to a Caltrain station, and in a highly coveted submarket that sees very few institutional transactions,” said Brett Betzler, Senior Managing Director for Berkadia San Francisco.
ABOUT SARES REGIS GROUP OF NORTHERN CALIFORNIA:
Sares Regis Group of Northern California and its affiliates, Regis Homes Bay Area and Regis Contractors Bay Area, are regional companies based in San Mateo, Calif. As leading developers and managers of commercial and residential real estate in the western United States, the companies have more than 6.5 million square feet of commercial properties valued at over $7 billion and over 2,800 residential units under development. Since its inception, the company has acquired or developed 13.5 million square feet of commercial properties and 20,000 multifamily and residential housing units. For more information, please visit: www.srgnc.com.
ABOUT BELL PARTNERS INC.:
Established in 1976, Bell Partners Inc. is a privately held, vertically integrated apartment investment and management company focused on high-quality multifamily rental communities throughout the United States. Headquartered in Greensboro, N.C., the company currently manages approximately 70,000 apartment homes nationwide with over 1,600 associates and twelve regional offices. Bell Partners offers a full-service platform of expertise in acquisitions and dispositions, construction, financing, property operations, accounting, risk management, and related support functions. The company is led by a senior management team with average industry experience of over 25 years. Bell Partners has invested throughout all phases of the real estate cycle and has completed over $22 billion of apartment transactions since 2002. For more information, visitwww.bellpartnersinc.com.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.