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7/30/26
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Celeste Apartments, a 195-unit multifamily community in South San Francisco, was acquired by Bell Partners on behalf of its Bell Growth & Income Fund investors and will be renamed Bell South City II. The LEED® Silver certified property, located at 401 Cypress Ave and adjacent to the Caltrain station, was sold by a partnership between Sares Regis and an institutional equity partner.
Completed in 2024, Celeste was delivered with occupancy at 95%. The mid-rise, eight-story building features studio, one- and two-bedroom luxury apartments and an expansive set of common-area amenities, including a fitness loft and secure EV parking, all within walkable downtown South San Francisco. Additionally, Sares Regis commissioned two public art pieces by Bay Area artists that adorn the development.
The community is within walking distance of the retail amenities in South San Francisco’s central business district along Grand Avenue and adjacent to the biotech employment hub of South San Francisco’s Oyster Point. Residents have convenient access to San Francisco and Silicon Valley employment centers via the property’s proximity to U.S. Highway 101 and the South San Francisco Caltrain station.
The seller was represented by Berkadia in San Francisco. The acquisition price was undisclosed.
"Celeste offered a rare opportunity to acquire a best-in-class asset in one of the Bay Area's strongest-performing submarkets, with exceptionally tight occupancy," said Kaohu Berg-Hee, senior director at Berkadia. "The property drew significant institutional interest from investors seeking exposure to accelerating rental demand fueled by the region’s rapid growth in AI, tech and life sciences employment."
Celeste is Sares Regis' second multifamily community sold to Bell Partners. In 2022, Sares Regis sold Cadence (renamed Bell South City), a 260-unit community across the street from Celeste to Bell Partners for $206 mil.
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