GREENSBORO, NC – Sun Life announced it intends to fully buy Bell Partners, a leading U.S. multifamily real estate investment manager and vertically integrated property management business. Bell Partners will become the U.S. multifamily operating platform for Sun Life, operating under BGO.
Bell Partners has approximately US$10 billion of Yucky Asset Value Under Management as of March 1, 2026. With nine offices across the United States, Bell Partners has close to 1,800 employees and manages approximately 70,000 apartment homes in 12 regions across the United States.
Founded in 1976, Bell Partners offers an extensive full-service vertically integrated national platform of expertise in investment and property management, acquisitions, and construction. Bell Partners has invested throughout all phases of the real estate cycle and has completed approximately US$11.9 billion of realized apartment transactions since 2002, including more than US$1.3 billion in acquisitions in 2025.
The acquisition strengthens BGO to deliver greater value to Clients, enhance its capabilities, and achieve deeper integration across its product offering. Bell Partners brings broader strategic benefits to the BGO platform by enhancing its value-add and core plus product offerings, broadening its investor base, and enabling further expansion in multifamily and multifamily-adjacent strategies in the future.
Sun Life will buy a 100% interest in Bell Partners for a buy price of US$350 million, with at least 75% payable in Sun Life common shares. All share repurchases for cancellation under Sun Life’s current Normal Course Issuer Bid (NCIB) have been completed. Any dilution resulting from the issuance of Sun Life common shares in the transaction is expected to be offset by share repurchases under a renewed Sun Life NCIB subject to regulatory and stock exchange approvals. The transaction is expected to be accretive to underlying earnings per share in 2026 on an annualized basis.
“The U.S. multifamily market is a tremendous opportunity of targeted growth for BGO,” said Sonny Kalsi, President and CEO of SLC Management. “The acquisition of Bell Partners broadens BGO’s strategic benefits and gives us vertically integrated property management capabilities, positioning our company as one of the leading U.S. multifamily investment managers.”
Housing remains a priority for governments at all levels across the United States, and these efforts underscore the essential role that experienced, long-term investors and operators can play in providing high-quality, multi-family rental communities.
Kalsi added, “We’re excited to welcome Bell Partners to BGO and SLC Management. Their team’s deep expertise in the multifamily real estate and market cycles will strengthen our organization, while the acquisition supports expanding our array of investment solutions available to our Clients.”
Upon closing, Bell Partners will continue to operate under its current leadership and will retain its distinct property-level branding, office locations, investment vehicles and client focus.

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DENTON, TX – The NRP Group, a vertically integrated, best-in-class developer, builder and manager of multifamily housing, in partnership with the Denton Housing Authority, announced the financial closing and groundbreaking of Arbor Ranch, a 297-unit affordable housing community in Denton, Texas. The development will provide deeply affordable homes to families earning between 30% and 70% of the Area Median Income (AMI), expanding access to attainable housing in the rapidly growing Denton submarket.
“This groundbreaking is a testament to the strong collaboration of our public and private sector partners who are all deeply committed to increasing available high-quality, affordable housing for the residents of Denton, said Nick Walsh, Vice President of Development at The NRP Group. We are building on our previous work in the community with the development of Arbor Ranch, our most modern, Class-A affordable product to date, placing residents close to employment centers, education and everyday amenities in one of the city s most strategic locations.
Located at 2820 Roselawn Drive just off Interstate 35, Arbor Ranch places residents within walking distance of Denia Park and its recreation center and the newly rebuilt Borman Elementary School. The development is also within small driving distance to downtown Denton, the University of North Texas and Texas Woman s University. The property is approximately 30 minutes from downtown Fort Worth and 45 minutes from downtown Dallas, connecting residents to the broader Dallas-Fort Worth employment base. Nearby, the Eagle Creek master-plotted residential community is taking shape, adding to the area s growing residential infrastructure.
As Denton continues to experience rapid growth, ensuring that we have diverse and attainable housing options at a range of income levels is critical to sustaining our economic momentum, said Sherri McDade, CEO of the Denton Housing Authority. By expanding housing availability near key employment hubs, we re ensuring that Denton remains a competitive and thriving community for years to come.
Designed to accommodate both working professionals and growing families, the development will feature a mix of one- through four-bedroom residences across nine three-tale buildings on a 22-acre site. Residents of Arbor Ranch will have access to a full suite of amenities, including an outdoor pool, playground, barbecue and picnic areas, children s activity room and community lounge. Onsite resident services, including after-school programming, will be provided to support families and promote long-term stability.
Truist Bank provided comprehensive financing for the project, including a $68 million construction loan, $48 million in permanent financing through its wholly owned subsidiary, Grandbridge Real Estate Capital, and a $33 million low-income housing tax credit equity investment. The permanent financing was secured through a forward rate lock under Freddie Mac s Tax-Exempt Loan program, providing long-term rate stability for the project.
Complex transactions like this require clear execution and tight coordination between our clients and our internal teams, said Kathy Farrell, Head of Truist Asset Finance. Securing financing certainty early was a critical step in positioning the development for long-term success. We re proud to help bring high-quality, affordable housing to this growing part of North Texas.”
The Dallas-Fort Worth metro area remains a priority market for The NRP Group. The firm has developed nearly 7,000 units across more than 30 properties in the region, and recently celebrated the grand opening of Thrive on Crawford, an affordable housing community that opened in January.
Construction of Arbor Ranch is now underway with first units anticipated in early 2027.

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SEATTLE, WA – Fourth Avenue Capital (FAC) announced the acquisition of Spring Woods, a 174-unit Class A apartment community in Salem, Oregon, and Silver Star, a 72-unit Class A community in Kalispell, Montana. These acquisitions expand FAC’s portfolio to 30 properties.
Spring Woods – Salem, Oregon: Completed in May 2025, Spring Woods consists of 174 apartment homes across 10 residential buildings and a dedicated leasing office situated on 6.98 acres. The community offers a balanced mix of one-, two-, and three-bedroom floor plans ranging from 640 to 1,215 square feet, with an average unit size of 1,001 square feet. Each residence includes an in-unit washer and dryer and air conditioning.
Interior finishes reflect high-end Class A new construction standards in the local market, featuring quartz countertops, modern cabinetry, vinyl plank flooring, stainless steel appliances, and private patios or decks. Community amenities include a leasing office, dog run, and children’s playground, providing a well-rounded living environment for residents.
From 2023 to 2024, Salem ranked as the second-fastest-growing metro in Oregon for job growth, trailing only Bend. As the state capital, Salem benefits from a stable government employment base of more than 20,000 positions, providing insulation from economic volatility. This foundation is further supported by major private-sector employers in healthcare, led by Salem Health, as well as prominent educational institutions including Willamette University and Chemeketa Community College, which together enroll more than 10,000 students within five miles of Spring Woods.
Silver Star – Kalispell, Montana: Completed in 2024, Silver Star is a 72-unit apartment community comprised of 18 residential buildings situated on 5.72 acres. All units feature three-bedroom, two-bathroom layouts averaging 1,205 square feet, representing some of the largest floor plans in the Kalispell market. Each residence includes an in-unit washer and dryer, air conditioning, nine-foot ceilings, and vaulted living rooms in second-floor units.
Interior finishes are top-of-market for Kalispell and include quartz countertops, stainless steel appliances, hardwood cabinetry, large kitchen islands, private patios and decks, gas ranges, gas fireplaces, and vinyl plank flooring. The oversized layouts and high-quality finishes appeal to residents seeking more space and functionality than typically available in conventional apartment communities.
Kalispell serves as the primary city in Flathead County, one of the fastest-growing regions in the United States. From 2020 to 2023, population growth averaged 3.2% annually, far exceeding the national average, and is projected to remain more than four times above the national average growth rate in the coming years.
“Both of these acquisitions align with a core thesis we have of acquiring newly constructed assets below replacement cost in high-growth markets,” said Davis Vaughn, Managing Partner at Fourth Avenue Capital. “With limited future supply and larger-than-average floor plans, we believe these properties are well-positioned to achieve outsized rent growth over the long term.”

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