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Sares Regis sells 195-unit Celeste Apartments to Bell Partners
The LEED Silver multifamily property at 401 Cypress Ave, adjacent to Caltrain, will be renamed Bell South City II after the acquisition by Bell Partners for its Bell Growth & Income Fund investors.
Sares Regis Group of Northern California and Bell Partners LLC announced the sale of Celeste Apartments, a 195-unit multifamily community in South San Francisco, according to ConnectCRE.
The property is LEED Silver certified and located at 401 Cypress Ave, adjacent to the Caltrain station. Bell Partners acquired the building on behalf of its Bell Growth & Income Fund investors and plans to rename it Bell South City II.
ConnectCRE said the seller was a partnership between Sares Regis and an institutional equity partner, and Berkadia represented the seller in the transaction. The acquisition price was undisclosed.
In a quote carried by ConnectCRE, Sares Regis CIO Drew Hudacek said the two companies helped advance South San Francisco’s downtown vision under the Downtown Station Area Specific Plan, noting Sares Regis brought 455 apartments to market through Cadence in 2019 and Celeste, which welcomed residents three years later.
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