MURRIETA, CALIF. — Bell Partners, on behalf of its Value Add Fund VII investors, has purchased Silverado Apartment Homes, a multifamily community in Murrieta, approximately midway between Los Angeles and San Diego.
Realty Center Management sold the asset for $146.5 million. The property will be renamed Bell Murrieta Springs.
Completed in 2007, Bell Murrieta Springs offers 492 one-, two- and three-bedroom floor plans with an average unit size of 948 square feet. Community amenities include a green belt with a walking trail surrounding the entire property, two pools and a clubhouse. The property also features walking access along a nature preserve to Meadowridge Park, a city-owned park.
Kevin Green, Gregory Harris and Joseph Grabiec of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. With this acquisition, Bell Partners owns and/or manages 11 multifamily communities in Southern California totaling more than 3,100 apartments.