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Bell Partners, a North Carolina-based multifamily investment and management firm, has purchased a Redmond apartment community for $78 million. The asset, formerly known as Milehouse, has been rebranded as Bell River Trail following the change in ownership.
The property comprises 160 residential units in a six-story building at 8300 160th Ave. NE in Redmond. According to reporting from the Puget Sound Business Journal, the seller was Denver-based UDR, which had held the asset since 2016, when it acquired the community from its developer, Legacy Partners, for $69.3 million.
Bell River Trail offers a mix of studio, one-bedroom, and two-bedroom apartments within a 248,388-square-foot building. The community occupies approximately 1.2 acres and incorporates 2,200 square feet of ground-floor retail space, positioning it as a mixed-use residential asset in the Redmond market.
The acquisition continues Bell Partners’ recent expansion activity in the Puget Sound region. In the prior year, the firm acquired another apartment complex in Lynnwood in a separate transaction. For that earlier deal, JLL arranged a $142 million sale and secured $83,177,000 in acquisition financing on behalf of the seller, Trammell Crow, underscoring ongoing institutional investment and capital flows into the region’s multifamily sector.
With the Bell River Trail purchase, Bell Partners adds another Pacific Northwest property to its multifamily portfolio, while UDR realizes a gain relative to its 2016 purchase price. The transaction highlights continued investor interest in well-located, relatively modern multifamily assets completed in the last decade, particularly those offering scale, mixed unit types, and a modest retail component.
The post Bell Partners Acquires 160-Unit Bell River Trail Apartments in Redmond for $78M appeared first on CRE Market Beat.
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