Bell Partners paid $123 million to acquire a 264-unit apartment complex in Inglewood, adding to the flurry of recent deals in the fast developing neighborhood.
The seller was San Diego-based Fairfield Residential, the Los Angeles Business Journal reported. Fairfield bought the property as a development opportunity for $15 million in 2014, Real Capital Analytics property records show. It then built the mid-rise structure in 2016.
Spread among six floors, the 132,000-square-foot building at 11622 Aviation Boulevard includes a 24-hour fitness center, swimming pool, co-working space and outdoor courtyard with lounge area. It offers studio, one- and two-bedroom units, ranging up to more than $3,000 a month, according to Apartments.com.
The building, renamed Bell South Bay, marks Greensboro, N.C.-based Bell Partner’s first acquisition in Southern California. The company maintains a large presence on the East Coast, managing nearly 50,000 units across 14 states, according to its website.
Despite delays on the $2.6 billion stadium that will host the L.A. Rams and Chargers, Inglewood has already seen an uptick in investment, as developers hope to benefit from the expected business. The stadium is scheduled to open for the 2020 football season. Renowned architect Frank Gehry is also helping draw people to the neighborhood with his vision to transform a 17,000-square-foot building into a permanent home for the L.A. Philharmonic youth orchestra.
[LABJ] — Natalie Hoberman