Bell Partners Snaps Up SoCal TOD for $123M
Avaire South Bay, a 264-unit community that has been renamed Bell South Bay, includes a yoga studio, cyber cafe, game lounge and bike room.
By D.C. Stribling
Bell Partners Inc., on behalf of its investors, has acquired Avaire South Bay, a 264-unit apartment community in the confluence of the South Bay and Westside neighborhoods in Los Angeles, for $123 million. The property has been renamed Bell South Bay and will be managed by Bell Partners.
Completed in 2016 by Fairfield Residential, Bell South Bay counts as a transit-oriented development, since it is very near the LAX/Aviation Metro Station, an elevated light rail station on the Los Angeles County Metro Rail Green Line.
The property is a five-story structure with parking, developed in a wrap-style configuration with studios, one- and two-bedroom units averaging 815 square feet. Some units offer two-story lofts with 20-foot ceilings. Oversized windows and balconies or decks let in extensive natural light.
Common amenities include an indoor/outdoor lounge area with a fireplace, media center, entertainment kitchen and private dining area. There is a resort-style pool with cabanas, fitness center and yoga studio, outdoor lounge with fire pit, social clubhouse, spacious cyber café, game lounge and bike room.
Bell Partners Expands Its Geographic Footprint
Greensboro, N.C.-based Bell Partners has previously specialized in apartment acquisitions in the Southeastern U.S., but lately the company has been expanding into other markets. “With the addition of our West Coast-based team, we expect to be increasingly active in 2018,” said Bell Partners senior vice president, investments Nickolay Bochilo.
The purchase of Bell South Bay is the first multifamily acquisition for Bell in 2018. In 2017, the company completed nearly $1.2 billion in total apartment deals, and it has nearly 50,000 apartment units under management.