TORONTO, MIAMI AND GREENSBORO, N.C. — Sun Life Financial Inc. (NYSE: SLF), a Toronto-based financial services organization with $1.6 trillion in assets under management as of year-end 2025, has announced it will acquire Bell Partners, a multifamily investment and management firm based in Greensboro. The acquisition was valued at $350 million and is expected to grow Sun Life’s U.S. multifamily segment.
Founded in 1976, Bell Partners has approximately $10 billion of assets under management as of March 1 and manages approximately 70,000 apartments in 12 regions across the United States. The firm operates nine U.S. offices and has close to 1,800 employees. Last year, Bell Partners closed more than $1.3 billion in multifamily acquisitions.
“This opportunity will extend Bell’s operating and investment expertise across a larger residential platform and strengthen our depth and reach,” says Lili Dunn, CEO and president of Bell Partners. “It is a natural step in our evolution, preserving the essence of what has made us successful, while also opening new opportunities for the future.”
In a separate transaction, Sun Life acquired the remaining 44 percent equity stake of Miami-based BGO, a global real estate investment management firm formerly known as BentallGreenOak, in a deal valued at roughly $1.2 billion. In 2019, Sun Life acquired a 56 percent stake in BGO for approximately $146 million following the merger of Bentall Kennedy and GreenOak.
Upon closing, which is expected to occur in the second half of the year, Bell Partners will operate under BGO and serve as the U.S. multifamily platform for SLC Management, Sun Life’s global institutional asset management business that has approximately $309 billion in assets under management as of year-end 2025.
Bell Partners will continue to operate under its current leadership and will retain its property-level branding, office locations, investment vehicles and client focus, according to Sun Life.
“This partnership reflects our strong conviction in the U.S. multifamily market and underscores our commitment to building deep expertise in sectors where we believe there is significant long-term opportunity,” says Amy Price, co-president of BGO. “Bell Partners has built an exceptional platform with a proven 50-year track record in multifamily that complements our firm’s culture and expertise in U.S. commercial and logistics sectors, supported by our global resources.”
The Bell Partners acquisition is subject to regulatory and Toronto Stock Exchange approvals and satisfaction of customary closing conditions. PJT Partners served as exclusive financial advisor to Sun Life, and Paul, Weiss, Rifkind, Wharton and Garrison LLP served as legal counsel for this transaction.
Morgan Stanley & Co. LLC acted as an exclusive financial advisor, and Hogan Lovells acted as legal counsel for Bell Partners.
— John Nelson