SEATTLE, WA – Bell Partners Inc., one of the nation’s leading apartment investment and management companies, announced that it has bought Alexan Marymoor, a 222-unit multifamily community in Redmond, Washington on behalf of its Fund VII investors. The property will be renamed Bell Marymoor Park and will be managed by Bell Partners. This is the company’s second acquisition in the Seattle metro area, following the acquisition of Bell Overlake in September.
Bell Marymoor Park is situated near the Seattle area’s largest employers, including Amazon, Facebook and Salesforce. Additionally, the multibillion-dollar redevelopment of Microsoft’s nearby world headquarters will make further job opportunities for residents. Multiple light-rail stations are being constructed near the property with completion scheduled for 2023, which will connect the community more closely with downtown Seattle and the greater Puget Sound region.
“Our investment in Bell Marymoor Park represents a continuation of our strategy to buy high quality communities in desirable and growing locations where our vertically integrated platform can enhance value,” said Nickolay Bochilo, Executive Vice President of Investments at Bell Partners. “The east side of Seattle is an attractive area for investment due to rapidly expanding major technology companies, high-quality schools, differentiated lifestyle amenities and the high cost of buying versus renting. These factors support attractive fundamentals for rental housing.”
Built in 2019, Bell Marymoor Park has thoughtfully designed modern amenities and unit finishes. The property is comprised of a single structure, including a parking garage, and units feature stainless steel appliances, vinyl-plank flooring, quartz countertops, tile backsplashes and in-unit washers and dryers. Communitywide amenities include a rooftop “treehouse” with grilling stations, a bar, fireplace and sun-nooks; an arboretum; a bike repair station and storage; a conference center and a fitness center.

Powered by WPeMatico

DENVER, CO – Mission Rock Residential, a Denver-based multifamily property management company, is announced a new management contract for the Encore Evans Station Apartments in Denver. Mission Rock has been issued an agreement for the management of the community by Treeline Multifamily Partners, representing the new owners of Encore Evans Station.
“The South Broadway neighborhood within Denver is gaining immense popularity due to its accessibility to some of Denver’s largest employment sectors including Downtown Denverand DTC. Encore Evans Station is a perfect reflection of the neighborhood’s character and charm including vibrant amenities, an industrial feel, and walkability to the Light Rail’s C-Line. We are excited to partner with Treeline Multifamily Partners on this gorgeous community and we look forward to making a positive impact on the resident experience,” said Pat Hutchison, President of Mission Rock Residential.
Encore Evans Station, built in 2018, is located near Denver’s Platt Park neighborhood and surrounded by a growing area of new restaurants, services, and retail amenities opening every day. The community includes 224 residences, with one- and two-bedroom high density garden-style floor plans. The apartments feature walk-in closets, in-unit washers and dryers, wood-style flooring, LED energy efficient light fixtures, and private patios or balconies. The apartment kitchens are a particular highlight with their designer cabinetry, quartz countertops, and stainless-steel appliances.
Shared community amenities include a lush courtyard with a bocce ball court, a dog park, a heated pool with spa, and an outdoor lounge and firepit. A central clubhouse is also home to a fitness room, with adjacent spin and yoga studios, a bike repair shop, an indoor dog wash, and 24-hour package concierge station.
The Denver Metro has seen a steady period of successful growth in recent years, with this momentum on track to continue through the years ahead, especially in the city’s urban core.

Powered by WPeMatico

HERNDON, VA – Penzance, an owner, operator and developer in the Washington, D.C. metropolitan region for more than two decades, has closed on the buy of The Mark, a 169-unit, luxury mixed-use apartment community located steps from the future Innovation Center Metro Station in Herndon, VA. This announcement marks another value-add acquisition for Penzance’s first real estate private equity fund, The Penzance D.C. Real Estate Fund LP (Fund I). Jeff Kim and Allen Manesh of IRG represented Penzance on the off-market transaction.
The Mark is centrally located in the burgeoning Dulles Technology Corridor, less than a five-minute walk from the future Innovation Center Metro Station on the Silver Line. It contains over 15,000 SF of neighborhood serving retail, including Alo Vietnam, Neo Smiles Dental, Kabobi by The Helmand and Edward Jones Investments, as well as a 311-space secure parking garage and a resident-only pool and fitness center. Built to condominium specifications in 2007, the building contains large units, above-average ceiling heights and high-end finishes.
“The stellar demographics of the submarket, coupled with The Mark’s prime location within the rapidly developing Dulles Station transit-oriented community, makes the building an exciting new addition to the Penzance portfolio,” stated Cristopher White, Managing Director of Investments at Penzance. “With our acquisition of The Mark, we are continuing the Penzance mission of identifying well-located assets across the metro region where we can enhance the product offering and install best-in-class customer service in an effort to improve the tenant experience.”
The Reston/Herndon multifamily submarket has benefited from robust job growth in the technology and defense sectors, strong transportation infrastructure, and access to highly rated school districts.
The Penzance D.C. Real Estate Fund LP (Fund I) closed in October 2018 with total equity commitments of $255 million and expects to target a portfolio size of $800 million to $1 billion of total capital for the fund.

Powered by WPeMatico