Bell Partners Nabs $73M Refinancing for Inglewood Apartments
North Carolina-Based Investor Secures Loan for 216-Unit Complex
Bell Partners has snagged a $73 million loan to refinance a 216-unit apartment building in Inglewood. The North Carolina-based investor secured the loan secured by the six-story complex at 1622 Aviation Boulevard, southeast of Los Angeles International Airport, Commercial Observer reported.
Funds Provided by KKR
Funds managed by KKR provided the loan for the 3-acre Bell South Bay, built by Bell in 2016. The loan was arranged by brokers Justin Nelson and Craig West of Walker & Dunlop, with terms not disclosed.
Apartment Details
Bell South Bay has studios through two-bedroom apartments between 580 and 1,100 square feet, which rent for between $2,606 and $4,807 a month, according to Apartments.com. The complex has a fitness center, coworking areas, a yoga studio, a pool with cabanas, and a parking garage.
About Bell Partners
Last month, Multi-Housing News ranked Bell Partners the 26th-largest multifamily property owner in the U.S. In June 2020, it closed a Bell Apartment Fund VII with $950 million in equity commitments, according to CO. Bell Partners, founded in 1976 by Steven Bell in Greensboro, has offices in nine U.S. cities, focusing on market-rate rental markets in Boston, greater Washington D.C., Raleigh, Charlotte, Atlanta, Ft. Lauderdale, Orlando, Tampa, Dallas, Austin, Denver, Seattle, San Francisco, and Los Angeles, according to its website. As of June 2023, the company had $7.2 billion in assets under management.
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Conclusion
Bell Partners’ successful refinancing of Bell South Bay demonstrates the company’s strong position in the multifamily housing market. With a portfolio of over $7.2 billion in assets under management, Bell Partners is well-positioned to continue growing its presence in the industry.
FAQs
* Who is Bell Partners?
+ Bell Partners is a North Carolina-based investor that focuses on market-rate rental markets in various U.S. cities.
* What is Bell South Bay?
+ Bell South Bay is a 216-unit apartment complex in Inglewood, built by Bell Partners in 2016.
* What is the loan amount for Bell South Bay?
+ The loan amount is $73 million, provided by funds managed by KKR.
* What are the amenities at Bell South Bay?
+ The complex has a fitness center, coworking areas, a yoga studio, a pool with cabanas, and a parking garage.
