(EDITOR’S NOTE: According to public documents, the property sold for $88.3 million, or about $437,129 per unit. The seller was Dallas, Texas-based Trinsic Residential Group, which focuses on developing suburban, high-end, institutional grade, multifamily properties.)
GREENSBORO, N.C.– Bell Partners Inc., one of the nation’s leading apartment investment and management companies, has acquired Aura Totem Lake, a 202-unit apartment community located in the Seattle suburb of Kirkland. The property, the first acquisition made on behalf of the recently announced Bell Core Fund I vehicle, will be renamed Bell Totem Lake and is the 4th property Bell Partners currently owns or manages in the state of Washington.
Built in 2020, Bell Totem Lake is located at a crossroads of eateries, shopping and entertainment options including Whole Foods, Trader Joe’s, Cinemark Theater, Lululemon and other boutique clothing and food retailers. For outdoor recreational activities, the city of Kirkland offers more waterfront parks and beaches than any other city in the Puget Sound region.
Billed as the “Innovation Triangle,” Bellevue, Redmond and Kirkland formed a coalition to promote economic development on the Eastside, which is home to 3,700 tech companies and 135,000 technology-related jobs. Situated just off I-405, the property provides residents convenient access to employment centers anchored by Amazon, Microsoft, Facebook and Google.
The acquisition represents Bell Partners’ 4th owned community in the Seattle metro area and a further expansion of the firm’s West Coast footprint. Including Bell Totem Lake, Bell Partners owns and/or manages over 1,846 apartment units across 10 properties in West Coast markets including Seattle, the Bay Area and Los Angeles.
“The Greater Seattle area consistently ranks among the fastest growing economies in the country. Kirkland in particular has become one of the most desirable places to live and work in recent years – a trend we expect to accelerate in the near future,” said Nickolay Bochilo, EVP of Investments at Bell Partners. “Rapid expansion by major technology firms on the east side of Seattle has solidified the region’s reputation as a burgeoning tech hub. This strong labor market has attracted a skilled workforce and a large millennial population. Bell Totem Lake is well-positioned to experience stable and growing demand from current and future residents.”
Bell Totem Lake’s community amenities include three elevated courtyards with a covered outdoor entertaining kitchen, fire pits, hammocks and grills; a resident lounge with a demonstration kitchen and billiards table; a state-of-the-art athletic center with cardio theater and free weights; two private business suites and workstations; a pet spa; bike storage; 24/7 parcel lockers; and a multi-level parking garage with elevator access and electric car charging stations.
Each apartment home has wood-like flooring, designer lighting, flat panel kitchen cabinets with tile backsplash and under-cabinet lighting, quartz countertops with under-mount sinks, energy-efficient stainless-steel appliances, gas ranges with Smart features, and relaxing baths with soaking tubs. Bell Partners closely follows guidelines from local, state and federal health authorities regarding the operation and cleanliness of community amenities.
About Bell Partners Inc.
Established in 1976, Bell Partners Inc. (“Bell Partners” or the “Company”) is a privately held, vertically integrated apartment investment and management company focused on high-quality multifamily communities throughout the United States. With approximately 63,000 units under management, Bell Partners is one of the largest apartment operators and renovators in the United States. The Company has over 1,500 associates and ten offices (including its headquarters in Greensboro, N.C.) and offers an extensive and full-service platform containing expertise in acquisitions and dispositions, construction, financing, property operations, accounting, risk management and all other related support functions. Bell Partners is led by a senior management team with an average of over 20 years of experience that has invested throughout all phases of the real estate cycle and has helped the Company complete over $16 billion of apartment transactions since 2002, including over $1.2 billion in 2020 transactions.