Bell Partners Acquires 501 Apartment Homes Across Bay Area and Washington, D.C. Metro

Bell Partners has acquired 501 apartment homes across the San Francisco Bay Area and the Washington, D.C. metro, the firm announced Sept. 16, 2026, adding to a string of multifamily transactions the company has executed in coastal U.S. markets throughout the year.

Transaction Overview

The portfolio spans two distinct metro areas — the Bay Area in California and the Washington, D.C. metro in the Mid-Atlantic — both of which are established operating regions for Bell Partners. The transaction represents one of the larger single announcements in Bell's 2026 acquisition activity, which has targeted institutional-grade multifamily communities in high-barrier coastal markets.

Bell Partners' Expanding Coastal Footprint

The 501-unit deal follows a series of acquisitions Bell Partners has completed in similar markets. In late August 2026, the firm acquired two Class A communities totaling 399 units — a 195-home property in South San Francisco, California, rebranded Bell South City West, and a 204-home community in Reading, Massachusetts, rebranded Bell Reading Commons. Those acquisitions brought Bell's Bay Area presence to six communities and 1,271 apartment homes.

In the Washington, D.C. metro, Bell has also been active. The firm previously acquired The Thornton, a 439-unit community in Alexandria, Virginia, rebranded Bell Old Town, which expanded its D.C.-Maryland-Virginia portfolio to 22 communities and more than 7,300 apartment homes.

Bell Partners has completed more than $11.9 billion in realized apartment transactions since 2002, including more than $1.3 billion in acquisitions in 2025. Recent deals have included the $142 million acquisition of Alexan Access, a 383-unit community in Lynnwood, Washington, and the $111.25 million purchase of Trelago Apartments, a 350-unit community in Maitland, Florida.

Strategic Context: Sun Life and BGO Integration

The Bay Area and D.C. metro acquisition comes as Bell Partners operates under new institutional ownership. Sun Life Financial announced in March 2026 that it would acquire 100% of Bell Partners for $350 million, with at least 75% of the purchase price payable in Sun Life common shares. The transaction positioned Bell as Sun Life's U.S. multifamily operating platform under BGO, Sun Life's global real estate investment manager.

At the time of the Sun Life announcement, Bell Partners had approximately $10 billion of gross asset value under management, roughly 70,000 apartment homes, and about 1,800 employees across 12 U.S. regions, including the San Francisco Bay Area and Washington, D.C. Following the close of the Sun Life transaction, the combined platform represents approximately $100 billion of assets under management.

The 501-unit portfolio addition aligns with the combined platform's stated objective of meeting investor demand for institutional-quality multifamily exposure in the United States, particularly in markets supported by technology employment in the Bay Area and federal, defense, and professional services employment in the D.C. metro.

Market Positioning

Both target markets carry characteristics that have drawn sustained institutional multifamily capital. The Bay Area's rental demand is closely tied to the technology sector, while the Washington, D.C. metro's tenant base is anchored by government, defense, and professional services employment. Bell Partners has maintained operating infrastructure in both regions, which supports its ability to execute acquisitions and manage assets across multiple communities.

Sources

Bell Partners — Bell Partners Adds 501 Apartment Homes in the Bay Area and Washington D.C. Metro