Bell Partners Pays $142M for Seattle Asset
The buyer took out a Fannie Mae loan to finance the deal.
Bell Partners has purchased Alexan Access, a 383-unit luxury community in Lynnwood, Wash., for $142 million. The move was financed through an $83.2 million acquisition loan from Fannie Mae.
Trammell Crow Residential sold the asset, while JLL arranged the deal and financing. Bell Partners will rebrand the community as Bell Alderwood.
The property came online in 2023. The developer completed it using funds from an $82.5 million note from WaFd Bank originated in April 2021, Yardi Matrix data shows.
Located at 2927 Alderwood Mall Blvd., the community is close to Interstate 5 and 405, as well as less than 3 miles from Lynwood’s city center. Downtown Seattle is 17 miles northwest.
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Alexan Access consists of four three- and five-story buildings with studios, one-, two- and three-bedroom floorplans ranging from 536 to 1,711 square feet. The community also has almost 3,400 square feet of ground-floor retail space.
Common-area amenities include a sky lounge with rooftop deck, swimming pool and spa, athletic club with yoga and spin studio, along with an outdoor recreational area with a pickleball court. Additionally, the property has a business lounge with work-from-home nooks and a playground.
JLL Capital Market’s Investment Sales and Advisory Senior Managing Directors David Young and Corey Marx, along with Senior Director Chris Ross, led the team. Executive Managing Director Charles Halladay, Senior Managing Director Travis Anderson, Director Brad Woolard and Senior Director Seth Heikkila arranged the financing.
Seattle’s multifamily transaction activity reached $3.7 billion year-to-date as of November, from the 76 properties totaling 13,886 units that changed hands, according to Yardi Matrix. This figure doubled the $1.8 billion registered during the same period of last year, when 42 assets—or 7,478 units—were sold.
Bell’s recent multifamily deals
Bell Partners’ multifamily portfolio spans 12 regions across the country. The company targets both value-add investments and new developments, focusing on communities larger than 100 units.
Last month, the firm purchased Rock Springs Village, expanding its Atlanta footprint. The company acquired the 558-unit asset through its Bell Value Add Fund VIII and rebranded it as Bell Rock Springs.
During the same month, the firm bought The Albee Apartments, a 355-unit property in Frisco, Texas. Quarterra Multifamily and Crow Holdings sold the community that came online earlier this year.
