Bell Partners Expands Seattle-Area Holdings
- Jan 06, 2020
Bell Partners Inc. has acquired the recently-completed Alexan Marymoor in Redmond, Wash., on behalf of its Fund VII investors. Rebranded to Bell Marymoor Park, the property will be managed by the firm and marks its second Seattle-area acquisition in less than four months.
The five-story, partially affordable community offers 222 studio, one-, two- and three-bedroom residences featuring in-unit washer/dryers, vaulted ceilings, microwave ovens and high-speed Internet access. Select units provide private balconies or patios. A rooftop “treehouse” with multiple grilling stations, bar, fireplace and sun-nooks highlights a list of amenities.
“To help realize the savings and therefore reach an agreement on the mutually-agreeable price, Bell had to utilize its transactional and financing capabilities to complete due diligence and close in a very short time period,” Nickolay Bochilo, Bell Partners’ executive vice president of investments, told Multi-Housing News.
The east side of the Seattle metropolitan area appeals to investors for a variety of reasons. Nearby are some of the Seattle area’s largest employers, including Amazon, Facebook and Salesforce. Additional job opportunities will be generated by the multi-billion-dollar redevelopment of Microsoft’s neighboring world headquarters.
One additional advantage of Bell Marymoor Park’s location is the planned completion of multiple proximate rapid transit stations within the next three years. The transit will allow residents to better link to downtown Seattle and the entire Puget Sound region.