Bell Partners Inc. has acquired Modera Jackson, a apartment community located in Seattle, Washington from Boca Raton, Florida-based Mill Creek Residential.
The apartment community in Seattle acquired on behalf of the firm’s Fund VII investors, will be renamed Bell Jackson Street. The acquisition represents Bell Partners’ third owned community in the Seattle metro area.
Bell Jackson Street is located in the heart of Seattle’s historic Central District, giving residents access to a vibrant residential neighborhood and community. Built in 2018, the property is comprised of 160 studio, one- and two-bedroom apartment homes.
“With the acquisition of Bell Jackson Street, we are thrilled to grow our Seattle portfolio with a focus on locations that offer strong long-term growth prospects,” said Nickolay Bochilo, EVP of Investments at Bell Partners. “Despite near-term economic challenges, we continue to believe in the long-term economic fundamentals of the Seattle metro area. The city’s top-tier educational institutions, the culture of innovation and presence of some of the world’s leading companies provide a strong foundation for job and population growth in the coming years.”
The city of Seattle is the largest employment center in the Pacific Northwest with over 328,000 jobs in the downtown core. Fortune 500 companies with headquarters in the city include Amazon, Nordstrom and Starbucks, and other notable employers include Apple, Facebook, Google and Microsoft.
Institutional Property Advisors (IPA), a division of Marcus & Millichap, served as broker on the transaction.