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5/14/24
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Bell Partners has acquired Silverado Apartment Homes, a 492-unit apartment community located in Murrieta, CA, in a $146.5 mil ($298k/unit) transaction. The community, which was acquired on behalf of the company’s Value Add Fund VIII, will be renamed Bell Murrieta Springs. It was sold by Realty Center Management Inc.
Completed in 2007, Bell Murrieta Springs is located at 25100 Vista Murrieta, at the junction of I-15 and I-215, offering easy access to points south in San Diego County and north in Riverside and Orange Counties. The community features one-, two- and three-bedroom floor plans with an average unit size of 948 sf.
Amenities include an extensive green belt with a walking trail surrounding the entire property along with two pools and an expansive clubhouse. The property also exclusively features easy walking access along a nature preserve to Meadowridge Park, a city owned park, providing residents with an additional open space, playground and basketball courts to enjoy.
Kevin Green, Gregory Harris and Joseph Grabiec with Institutional Property Advisors represented the seller and procured the buyer in the transaction. With this acquisition, Bell Partners now owns and/or manages 11 apartment communities totaling over 3,100 units in Southern California.
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