Bell Partners Nabs $73M Refinancing for Inglewood Apartments

Bell Partners has snagged a $73 million loan to refinance a 216-unit apartment building in Inglewood.

The North Carolina-based investor secured the loan secured by the six-story complex at 1622 Aviation Boulevard, southeast of Los Angeles International Airport, Commercial Observer reported.

Funds managed by KKR provided the loan for the 3-acre Bell South Bay, built by Bell in 2016.

Terms for the loan, arranged by brokers Justin Nelson and Craig West of Walker & Dunlop, were not disclosed.

Bell South Bay has studios through two-bedroom apartments between 580 and 1,100 square feet, which rent for between $2,606 and $4,807 a month, according to Apartments.com.

The complex has a fitness center, coworking areas, a yoga studio, a pool with cabanas and a parking garage.

Last month, Multi-Housing News ranked Bell Partners the 26th-largest multifamily property owner in the U.S. In June 2020, it closed a Bell Apartment Fund VII with $950 million in equity commitments, according to CO.

Bell Partners, founded in 1976 by Steven Bell in Greensboro, has offices in nine U.S. cities, while focusing on market-rate rental markets in Boston, greater Washington D.C., Raleigh, Charlotte, Atlanta, Ft. Lauderdale, Orlando, Tampa, Dallas, Austin, Denver, Seattle, San Francisco and Los Angeles, according to its website.

As of June 2023, the company had $7.2 billion in assets under management.

— Dana Bartholomew