SEATTLE, WA - Bell Partners, one of the nation's leading apartment investment and management companies, announced the acquisition of 3040 Apartments, a 243-unit multifamily community located in Redmond, Wash., for $96 million on behalf of its Fund VI investors. The property will be managed by Bell and be renamed Bell Overlake. Bell Overlake is Bell Partners' first acquisition in the Seattle metro area, in addition to the 4 properties the firm manages in the area.
Developed in 2019, Bell Overlake is close to some of the most well-recognized employers in Seattle, including Microsoft, Amazon, Google and Facebook. The community is located within walking distance from Microsoft's global HQ campus and also offers convenient access to the Seattle Transit Link light rail expansion.
"We are pleased to make an investment on the east side of Seattle, an area that has become a global innovation center with the potential to experience substantial job growth in the coming 5-10 years," said Nickolay Bochilo, Executive Vice President of Investments at Bell Partners. "The investment represents an opportunity to benefit from the attractive fundamentals in Redmond and Bellevue, including the substantial amount of new office space being built by Microsoft and other major employers. We also plan to leverage the Bell platform to enhance resident experience via physical and operational improvements, enhancing the asset's high quality."
Bell Overlake offers amenities including a rooftop deck, a fitness center with separate yoga studio, a pet spa, a courtyard with BBQ area and fire pits, and garage parking with electric charging stations. Each unit features quartz countertops, plank flooring, large closets and in-unit fully vented washers and dryers. Select units have lofts, patios or balconies, and views of the mountains.