Bell Partners has acquired Avaire South Bay, a 264-unit community in Los Angeles, for $123 million. It’s the Greensboro, N.C.–based firm’s first acquisition in California.
The community has been renamed Bell South Bay and will be managed by Bell Partners. The community was completed in 2016 and comprises a five-story structure with secured parking. It was developed in a wrap-style configuration and offers studios and one- and two-bedroom floor plans that average 815 square feet.
Select units offer two-story lofts with 20-foot ceilings. The living spaces offer modern décor, with open living areas, refined finishes, luxe bathrooms, high-end flooring, and oversized windows and balconies or decks that admit extensive natural light, according to Bell Partners.
“Bell South Bay is a high-quality asset located in a vibrant and growing submarket of West Los Angeles," said Nickolay Bochilo, senior vice president, investments, in a statement. “The magnitude of this investment underscores our commitment to the West Coast market and to our ongoing strategy of securing high-quality assets that provide attractive income and value-growth prospects. With the addition of our West Coast–based team, we expect to be increasingly active in 2018.”
Community amenities include one of the largest indoor–outdoor lounge areas in the market and features a fireplace, media center, entertainment kitchen, and private dining area. Additional common amenities include a resort-style pool with cabanas, fitness center and yoga studio, outdoor lounge with fire pit, clubhouse, cyber café, game lounge, and bike room.
Bell South Bay is located just minutes from the Pacific Ocean at the confluence of Los Angeles’ South Bay and Westside neighborhoods.
The purchase of Bell South Bay is the first multifamily acquisition for Bell in 2018. In 2017, the firm completed nearly $1.2 billion in total apartment transactions.
