SEATTLE, WA – Bell Partners Inc., a leading US housing investment and management company, announced that it has acquired Modera Jackson, a 160-unit community in Seattle, Washington. The property was acquired on behalf of the company's fund VII Investors to be renamed Bell Jackson Street. The seller is Mill Creek Residential of Boca Raton, Florida. Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), acted as broker on the transaction.
Bell Jackson Street is located in the heart of Seattle's historic Central District and provides residents with access to a vibrant neighborhood and community. The city of Seattle is the largest employment center in the Pacific Northwest with over 328,000 jobs in the downtown area. Fortune 500 companies headquartered in the city include Amazon, Nordstrom, and Starbucks. Other well-known employers are Apple, Facebook, Google and Microsoft.
The acquisition represents Bell Partners' third community in the greater Seattle area and continues the company's expansion on the west coast. Including Bell Jackson Street, Bell Partners owns and / or manages over 1,200 residential units in six properties in the West Coast markets including Seattle, the Bay Area and Los Angeles.
"With the acquisition of Bell Jackson Street, we are pleased to expand our Seattle portfolio and focus on locations that offer strong long-term growth prospects," said Nickolay Bochilo, EVP of Investments at Bell Partners. "Despite short-term economic challenges, we continue to believe in the long-term economic fundamentals of Greater Seattle. The city's world-class educational institutions, culture of innovation and the presence of some of the world's leading companies form a strong foundation for employment and population growth in the years to come."
Bell Jackson Street, built in 2018, consists of 160 studio, one and two-bedroom apartments. All units are equipped with keyless entry, programmable thermostats and A / C ports, and stainless steel appliances, and have quartz countertops and vinyl plank floors. Selected houses have direct access to the terrace, Juliet balconies and foyers for additional privacy. Communal facilities include a rooftop clubhouse with adjoining terrace, media and conference rooms, a state-of-the-art fitness center, stands for electric vehicles and a bicycle storage room. The property offers views of the Seattle skyline, Puget Sound and the Cascade Range from the rooftop and many apartments. Bell Partners closely follows the guidelines of local, state, and federal health authorities regarding the operation and cleanliness of community facilities.
Source: Bell Partners
