Bell Partners Acquires 177-Unit Redmond Apartments for $78M
Bell Partners, a North Carolina-based multifamily investment and management firm, has acquired the former Milehouse apartment building in Redmond for $78 million.
The 160-unit property, now rebranded as Bell River Trail, is located at 8300 160th Ave. NE. The seller is Denver-based UDR, which has owned the building since 2016 when it acquired it for $69.3 million from the building’s developer, Legacy Partners, reported the Puget Sound Business Journal.
The six-story building features a mix of studio, one-, and two-bedroom units. The 248,388-square-foot property was completed in 2015. It sits on approximately 1.2 acres, and the building also includes 2,200 square feet of ground-floor retail space.
The deal marks Bell Partners’ second major recent acquisition in the Puget Sound region. Last year, the firm purchased an apartment complex in Lynnwood. JLL arranged the $142 million sale and $83.177 million acquisition financing for the deal, representing the seller, Trammell Crow.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout