BGO and Bell Partners Complete Transaction to Form ~$100 Billion U.S. Multifamily Platform

NEW YORK — BGO and Bell Partners have completed their previously announced transaction, the firms announced July 2, 2026, bringing together two real estate platforms under Sun Life Financial Inc. to create a combined entity with approximately $100 billion in assets under management.

The closing marks the culmination of Sun Life's acquisition of Bell Partners, which now operates as a distinct, vertically integrated business under BGO and will oversee BGO's broader U.S. multifamily assets. Bell Partners will retain its company and property brands, existing leadership team, and focus on investment and property management.

A Scaled U.S. Multifamily Platform

BGO serves more than 750 institutional clients across office, industrial, multi-residential, retail and hospitality properties globally. Bell Partners, established in 1976, manages approximately 65,000 apartment homes across 12 regions in the United States, including communities in Seattle, San Francisco, Southern California, Denver, Dallas/Fort Worth, Austin, Atlanta, Central and Southeast Florida, Charlotte/Raleigh, Washington, D.C., and Boston.

Together, BGO and Bell Partners now represent approximately $100 billion of assets under management, according to the firms.

"This transaction expands our established U.S. multifamily platform, given Bell Partners' extensive track record and highly experienced team," said Amy Price, Co-President of BGO. "Together, we deepen our ability to provide institutional-quality access to a sector where we have strong conviction and see compelling long-term opportunities."

Bell Partners Retains Brand and Operating Model

Under the terms of the arrangement, Bell Partners will continue to function as a vertically integrated operation with approximately 1,800 associates and nine offices across the country. The company's full-service platform encompasses property management, acquisitions, construction, financing, accounting, risk management and related support functions. Bell Partners' senior management team averages 27 years of industry experience, and the company has completed nearly $12 billion in realized apartment transactions since 2002.

"For 50 years, Bell Partners has built a culture based on relationships and results," said Lili Dunn, CEO and President of Bell Partners. "Today marks the beginning of an exciting new chapter, one that strengthens our capabilities and expands our global reach while also preserving our legacy, team, and business platform. Together with BGO, we are well-positioned to continue to deliver long-term value for our residents, partners and associates."

Strategic Context: Sun Life's Alternatives Build-Out

The Bell Partners transaction is part of Sun Life Financial's broader asset management business. BGO is a component of SLC Management, Sun Life's institutional alternatives and traditional asset management business, which reported $308 billion in assets under management as of March 31, 2026. SLC Management also includes InfraRed Capital Partners, Crescent Capital and Advisors Asset Management.

The combination of BGO and Bell Partners positions Sun Life with a dedicated U.S. multifamily operating platform. The firms noted that investor demand for institutional-quality multifamily exposure in the United States continues to grow.

Advisors

PJT Partners served as exclusive financial advisor to Sun Life, and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel for the transaction. Morgan Stanley & Co. LLC acted as financial advisor to Bell Partners, and Hogan Lovells Cadwalader served as Bell Partners' legal counsel.

BGO maintains offices in more than 25 cities across 12 countries. Additional information is available at bgo.com and bellpartnersinc.com.

Sources: BGO Press Release, July 2, 2026