FORT WORTH, TX – Olympus Property acquired Ascend by the Sea, a newly constructed 216-unit Class A luxury apartment community located in Millville, Delaware—along Southern Delaware’s popular Beaches corridor.
This marks Olympus’ first asset in the Mid-Atlantic region and a strategic step in the firm’s continued expansion into one of the East Coast’s fastest-growing coastal markets, where limited supply, strong population growth, and a diverse set of economic drivers support long-term multifamily performance.
“In recent years, the Mid-Atlantic, due to its stable apartment economics and leading employment markets, emerged as an expansion target for the Olympus portfolio,” said Eduardo Miranda, Director of Investments at Olympus Property. “The acquisition of Ascend by the Sea reflects our broader strategy of targeting submarkets with favorable supply/demand fundamentals and strong population growth. Sussex County in southern Delaware alone has seen over forty percent population growth since 2010. With these dynamics, we see this as an ideal setting to drive performance and achieve long-term value for our investors.”
Tailored to a growing population, the garden-style community offers spacious floorplans and access to prominent employers within the market, such as Beebe Healthcare, TidalHealth and Perdue. The property lies just four miles from Bethany Beach, which, combined with the rest of the Delaware Beaches corridor, generates seven billion dollars in annual economic activity.
Olympus Property focuses on acquiring assets in markets with limited new supply and strong demand. The firm has self-managed its properties for nearly 35 years and will leverage this experience to deliver strong returns for investors and excellent service for residents.

VIENNA, VA – Middleburg and Harbor Group International announced the closing of construction financing for Scottwood, a 299-unit Class A multifamily development located at 4400 West Broad Street at the boundary of the City of Richmond and Henrico County. Construction is set to commence this April, with initial deliveries anticipated in late 2027. The project is a joint venture between Middleburg and affiliates of Harbor Group International. Financing was provided by Truist Bank.
With this investment, HGI has now surpassed $1 billion in total development investments since 2023, having participated as a limited partner in multiple development joint ventures spanning more than 3,600 units nationwide.
A central site within Henrico County’s Westwood Revitalization/Reinvestment Opportunity Special Focus Area, Scottwood sits just west of Scott’s Addition along a corridor that Henrico has specifically planned for mixed-use redevelopment – including residential, restaurants, breweries, offices and entertainment. The Pulse bus rapid transit line runs along West Broad Street with stations nearby, providing residents with direct connectivity to the broader region. Middleburg expects Scottwood to be one of the many catalysts for continued investment along the corridor, and both Henrico County and the City of Richmond were engaged throughout the development process to ensure the project advances the goals of each jurisdiction.
Scottwood presented a unique jurisdictional challenge, requiring Middleburg s development team to secure offsite easements across surrounding properties to extend Henrico County utilities to a site that straddles the City of Richmond and Henrico County – a hurdle that had stalled prior development efforts on the site. Middleburg worked closely with both jurisdictions to resolve the necessary approvals and advance the project to construction.
This project is one of the most complex we ve pursued in the market, and we are proud of what our team and partners have accomplished in bringing it to this point, said Ross Magette, Development Partner for Middleburg. This corridor has a real rental housing demand, and we are committed to delivering a community that meets it – in quality, in amenities, and in its role in the future of this part of Richmond.
We are pleased to partner with Middleburg on this project and leverage their local expertise and execution capabilities to bring it to fruition, said Yisroel Berg, Chief Investment Officer of Multifamily at HGI. Investments like Scottwood reflect our focus on working alongside experienced developers to deliver high-quality housing in markets with strong fundamentals. This project represents a compelling opportunity to bring thoughtfully designed housing to a growing area where we continue to see strong demand for new supply.
Scottwood will deliver near top-of-market quality at a more attainable rent level, a balance Middleburg has pursued across Virginia for decades. The project features individually curated courtyards throughout the property and activated amenity spaces along the West Broad Street frontage – a reflection of the firm’s broader model of finding well-located infill sites where disciplined development can serve real housing demand without compromising the resident experience.

OCEANSIDE, CA – Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced it has broken ground on Modera Neptune, a contemporary midrise community within walking distance to Strand Beach in Oceanside.
Modera Neptune, which will feature 359 homes, will also include a boutique hotel. The podium-style community sits within a short walk of Ocean Harbor Beach and moments west of key thoroughfare Interstate 5. The 62-room hotel will be horizontally integrated into the eight-story building but will operate independently and not provide access into the residential portion of the community. First move-ins are anticipated for fall 2028.
“In addition to its prime location along the Pacific Coast, Modera Neptune will feature refined homes with whitewater views and a world-class amenity offering,” said John Colletti, senior managing director of development in Southern California for Mill Creek. “The community will bring together the best aspects of coastal living, high-quality modern homes within walking distance to popular beaches, sidewalk cafes and entertainment venues. Its full suite of amenities will enable residents to fully capitalize on this premier location. We look forward to getting started on Modera Neptune and offering an upscale experience.”
Situated at 901 N Coast Highway near the intersection of Neptune Way, Modera Neptune features a superb Walk Score of 85 and is located firmly amidst Oceanside’s wide variety of eateries, breweries and cocktail bars. The area also features a multitude of cultural attractions, including Oceanside Museum of Art, California Surf Museum and Top Gun House. Lines for Amtrak and the COASTER commuter rail are available less than a mile from the community, providing access to Downtown San Diego to the south (40 minutes), Downtown Los Angeles to the north (two hours) and the abundance of seaside locales in between.
Modera Neptune will offer one- and two-bedroom homes ranging from 700 to 1,451 square feet, including select den layouts and penthouse homes. Community amenities will include a rooftop resort-style pool and deck with hot tub, wellness spa with steam room/sauna and red light therapy room, outdoor kitchen and dining, grilling area, fire pit, resident clubroom, game room, karaoke room, golf simulator, pool table, landscaped courtyards and a club-quality fitness studio with cardio equipment, individual TVs and a yoga/Pilates studio. Residents will also have access to coworking spaces, private workstations, meeting room, podcast room, surfboard storage room, digital package lockers and controlled-access garage parking with EV-charging stations.
Homes will feature nine-foot ceilings, oversized windows, wood-style plank flooring, stainless steel appliances, quartz countertops, tile backsplashes, movable kitchen islands, custom soft-close cabinetry, in-home washers and dryers, spacious closets, faux-wood bedroom blinds and private patios or balconies. Smart features will include a key fob system, controlled-access guest technology, smart thermostats and bulk WiFi. Designer bathrooms will include double vanities, quartz countertops, tile shower surrounds and linen closets. The community will be built to, and is pursuing, an NGBS Silver certification.

RALEIGH, NC – National multifamily developer Wood Partners closed on Alta Watkins in Morrisville, North Carolina in partnership with PGIM, the world’s second largest real estate investment manager with $218 billion in gross assets under management and administration. The 357-unit multifamily community will break ground this month and is slated to open by the end of 2028. Sarah Godwin and Karl Hudson with Foundry Commercial represented the seller in the transaction.
“Alta Watkins’ proximity to the region’s growing life sciences hub positions the community as an ideal home base for professionals, students and families alike,” said Caitlin Shelby, Managing Director with Wood Partners. “With its impressive line-up of amenities, residents will live in an oasis that combines resort-style living with easy access to the Triangle’s leading employers and institutions.”
Alta Watkins’s amenities include a resort-level pool, three outdoor courtyards, outdoor games, a pet spa, a state-of-the-art fitness center with a sauna recovery lounge, golf lounge and podcast lounge. Additionally, the property uniquely offers an on-site retail market, rentable offices designed for remote work, event space and short-term stay units for guests.
Alta Watkins features a mix of one-, two-, and three-bedroom layouts with stainless steel appliances, an in-unit washer and dryer, quartz countertops, custom cabinetry, designer wood-style plank flooring and walk-in closets. The community is located in the heart of the Triangle, wedged between Research Triangle Park and Perimeter Park. Alta Watkins is adjacent to Wake Tech’s new community college campus, and around the corner from the Spark Life Sciences community and Pathway Triangle Campus.
This will be Wood Partners’ third project to commence construction in the Raleigh-Durham area in the last year. Most recently, the firm broke ground on the 336-unit Alta Bethpage in Durham, North Carolina, in June 2025 and the 312-unit Alta Durham Summit in Durham, North Carolina, in September 2025.

IRVINE, CA – MBK Rental Living, a preeminent lifestyle developer of apartment communities, announced that leasing has begun at Las Brisas, a 340-unit luxury community in Santa Maria, California. The highly anticipated Santa Barbara County property is now leasing and open for move-ins.
“Las Brisas was designed with intention—bringing together the comforts of modern living with the natural beauty of the Santa Maria landscape,” said Ken McCarren, President of MBK Rental Living. “Our goal is to create communities where residents feel inspired, can unwind, and build meaningful connections with their neighbors. Las Brisas embodies this vision throughout every aspect of the community, both inside the homes and across the shared spaces.”
Las Brisas features a variety of layouts, including one-, two-, and three-bedroom apartments ranging from 739 square feet to 1,295 square feet. Each unit features spacious living areas and open floor plans with natural light, designer finishes, modern appliances and private patios or balconies.
Community amenities available to all residents include a resort-style swimming pool, 24-hour fitness center, communal gathering spaces, co-working space, dog spa and adjacent dog park, playground and pocket parks throughout.
As part of MBK Rental Living’s ‘With Our World’ sustainability program, the community blends conscious design with high performance to provide healthier, more comfortable living environments for residents. Elements include EV charging stations, energy-efficient LED lighting and Energy Star appliances, low or no VOC materials, bicycle racks, and a weekly recycling program.
Located in the southern region of California’s Central Coast in Santa Barbara County, Las Brisas offers access to numerous shopping and dining destinations, championship golf courses, state-of-the-art sports facilities, and cycling and hiking routes. Local festivals and events bring the broader community together year-round, and with both US-101 and SR-135 nearby, popular beaches and award-winning wineries are a short drive away. Santa Maria is also home to several thriving industries including aerospace, communications, high-tech research and development, energy production, military bases and manufacturing.
“We experienced strong momentum in Santa Maria with Azure, a community we developed in 2020 and successfully sold in 2023,” McCarren said. “That success underscored the continued demand for distinguished rental living options that serve families, young professionals, and residents seeking a high‑quality living experience. With Las Brisas, we’re proud to continue contributing to the growth and vitality of this thriving community.”
MBK Rental Living is currently leasing several additional apartment communities across the state, including Vida in Morgan Hill, The Haven in Petaluma, and Ona in Natomas in Northern California with their JV partner Hines, as well as Solana in Duarte and Zia in Anaheim in Southern California. Plans are set for two additional new communities to begin leasing in 2026, Vintage Farms in Murrieta and The Sanctuary in Thousand Oaks.

BETHESDA, MD – Walker & Dunlop announced that it has arranged the joint venture partnership between AIP, Pointsfive, and Bridge Investment Group for the landmark $132 million redevelopment of the former Greyhound Bus Station in Richmond, Virginia into a multifamily community.
The firm secured the equity, in addition to an $85.6 million construction financing with Madison Realty Capital. Upon completion, the 550,000-square-foot project will deliver 386 Class A residences and over 14,000 square feet of retail in Richmond s Scott s Addition District, one of the city s fastest-growing neighborhoods.
We are honored to collaborate with this exceptional best-in-class partnership. Together, we will bring a world-class residential experience, with curated urban retail spaces that emphasize street-level activation and urban connectivity, unrivaled amenities, and sustainably focused design to life in this historic location, said Scott Allen, founder and CEO of AIP.
This submarket has all the qualities we look for in a multifamily development location: walkability, unique mixed-use urban character, day and night entertainment drivers, and consistently strong renter growth relative to supply, said Tristan Nadal, founder and CEO of Pointsfive.
Walker & Dunlop Capital Markets Institutional Advisory and Equity & Structured Finance served as exclusive advisor to co-developers, AIP and Pointsfive. Mo Beler, Jonathan Paine, Heather McClure, Cory Elbaum, Michael Williams, and Jackson Irwin arranged the venture equity investment from Bridge Investment Group while Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland, Sean Reimer, and Michael Brown secured construction financing with Madison Realty Capital.
This transaction and development reflect the strength of one of the Mid-Atlantic s fastest-growing urban submarkets of Richmond, Virginia and the exceptional quality of this multifamily development and sponsorship, said Beler, senior managing director of Capital Markets and co-head of Equity & Structured Finance at Walker & Dunlop. Scott s Addition continues to benefit from strong fundamentals, including steady rent growth, projected household expansion, and a well-documented shortage of quality housing driven by population and employment growth. We re proud to have partnered with AIP, Pointsfive, Bridge Investment Group, and Madison Realty Capital to capitalize this iconic project and bring it to fruition.
Scott s Addition has undergone one of the most remarkable urban transformations on the East Coast, evolving from a quiet industrial warehouse district into Richmond s most vibrant walkable neighborhood in less than a decade. Today, in less than one square mile, it is home to more than a dozen craft breweries, destination James Beard-nominated restaurants, boutique fitness studios, coffee shops, retailers, creative office spaces, and multifamily housing — all connected by tree-lined sidewalks and a growing network of bike infrastructure.
The neighborhood s industrial bones give it an authenticity that purpose-built mixed-use districts struggle to replicate, attracting a young professional demographic that prioritizes urban lifestyle. With the adjacent $2.4 billion Diamond District redevelopment, the largest redevelopment in the city s history, and the new minor league ballpark to the east (home to the Double-A Eastern League affiliate of the San Francisco Giants), Scott s Addition is transitioning from Richmond s best-kept secret to its most institutionally developed submarket.
The property at 2910 North Arthur Ashe Boulevard is within a federally designated Qualified Opportunity Zone and provides long-term investment benefits. The site, formerly a Greyhound bus terminal and service depot, will be cleared for redevelopment. The development team has created an architectural design that enhances urban connectivity and engagement, with an expansive residential porte-cochere along West Boulevard complementing enlarged sidewalks, corner retail plaza, and over 400 linear feet of retail-forward presence on North Arthur Ashe Boulevard. Residents will benefit from three outdoor open-air courtyards and over 55,000 square feet of indoor and outdoor amenities.
Upon completion, residents will enjoy one of the most walkable urban neighborhoods and, with direct access to I-64, I-95, and Highway 250, will be able to connect to Richmond s broader network of cultural institutions, outdoor park system, trail networks, and the James River. Construction is set to commence in the second quarter of 2026.

SAN DIEGO, CA – The San Diego Metropolitan Transit System (MTS) and Affirmed Housing, a leading provider of affordable and supportive housing throughout California, announce the completion of SkyLINE, a seven-story, mixed-use, transit-oriented affordable housing community at the Rancho Bernardo Transit Station. The new development delivers 100 affordable apartment homes and new amenities for transit riders, transforming an underutilized park-and-ride site into a community centered on housing and mobility.
Completing SkyLINE is a significant achievement for our region and demonstrates how housing and transit investments can work hand in hand to strengthen communities, said Stephen Whitburn, MTS Board Chair and San Diego City Councilmember. This development delivers high-quality affordable homes in a high-opportunity area and reinforces the value of building vibrant, transit-oriented communities.
Developed by Affirmed Housing on land leased from MTS, SkyLINE includes 100 apartments for individuals and families earning between 30 and 55 percent of the area median income (AMI), including one unit for an onsite property manager. The project includes one-, two- and three-bedroom homes, as well as shared amenities, such as laundry rooms, a community room with a learning center, furnished outdoor space for resident gatherings, and a tot-lot play area.
SkyLINE reflects our commitment to addressing the region s housing needs while strengthening access to public transportation, said Jimmy Silverwood, president of Affirmed Housing. By building affordable housing next to high-quality transit, we are creating opportunities for residents to connect more easily to jobs, schools and other essential services.
Located adjacent to the Rancho Bernardo Transit Station, SkyLINE places residents within walking distance of public transportation and near grocery stores, healthcare services, pharmacies and the Rancho Bernardo Library. The transit station is served by high-frequency bus routes traveling from downtown San Diego to North County and include Rapid and Rapid Express routes.
SkyLINE is the remarkable transformation of a former transit parking lot into 100 new sustainable affordable housing units for working families and represents the impact that public-private partnerships can make, said Pamela Gabriel, Bank of America San Diego market executive. Bank of America was proud to provide construction, tax credit and solar credit financing with our longtime partner Affirmed Housing to help make SkyLINE possible with city, county and state partners.
In this GreenPoint-rated community residents will also have access to onsite programs and services focused on health and wellness, financial literacy, career readiness, parenting, food preparation and community engagement. Compass for Affordable Housing will provide resident services to the property s tenants.
SkyLINE includes approximately 14,000 square feet of commercial space, which will serve as Affirmed Housing s corporate offices and generate rental revenue for MTS. The development is part of a 99-year ground lease between Affirmed Housing and MTS, allowing the transit agency to activate underutilized land while maintaining long-term transit operations.
As part of the project, Affirmed Housing worked closely with MTS to meet current and future parking needs for transit riders. The building s parking structure includes 84 dedicated parking spaces for MTS patrons, in addition to 76 resident parking spaces.
Together, Affirmed Housing and MTS advanced a shared approach that aligns housing development with transit access, creating a community designed to serve both residents and the broader region.

SANTA ANA, CA – The next phase in the transformation of MainPlace is underway as community, civic and business leaders gathered to celebrate the groundbreaking of The Carina, a new multifamily residential community that will bring 408 modern apartments to the heart of Santa Ana. Developed by Lowe, in partnership with MainPlace owner Affinius and owner/operator Centennial, The Carina is part of the continued evolution of MainPlace into a mixed-use destination integrating residential living with shopping, dining and entertainment.
Also taking shape is the new MainPlace Culinary District, a 1.25-acre dining and gathering destination that will introduce locally curated, chef-driven Santa Ana culinary concepts and create a new gateway into the shopping center at Center Court. The district will serve as a natural connection between the shopping center and the surrounding residential communities as MainPlace continues its transformation into a mixed-use destination.
Executives from Affinius, Centennial and Lowe were joined by Santa Ana Mayor Valerie Amezcua, Councilmember Jessie Lopez, and other community and business leaders to mark the groundbreaking of The Carina and Culinary District.
Santa Ana welcomes the continued transformation of MainPlace, bringing forward modern residences such as The Carina and Paloma, along with welcoming places to gather like the new Culinary District and the evolving shopping center, said Mayor Amezcua. Thoughtful redevelopment like this strengthens our city and delivers lasting benefits for the community.
Affinius, Lowe and Centennial are committed to reimagining MainPlace as a vibrant, welcoming destination that brings together residents of the new apartment properties with the neighboring community to gather, linger and spend meaningful time with family and friends, said Lowe Senior Vice President Rob Reitenour. The transformation introduces a new way to live while positioning MainPlace as a destination for shopping, entertainment and recreation. With renewed vitality comes an increase in visitors supporting local businesses and delivering lasting economic benefits to the City of Santa Ana.
Located at 2828 N. MainPlace Drive, The Carina will rise on the east side of the property and directly across from the future Culinary District. The community will provide a highly walkable residential environment seamlessly integrated with MainPlace s evolving mix of shopping, dining, entertainment, and outdoor gathering spaces.
The Carina will feature a mix of studio, one- and two-bedroom apartments within an eight-story building designed as five levels of residences atop three levels of above-grade parking with one level below grade. The artfully designed residence interiors feature high-quality finishes such as luxury vinyl plank flooring, porcelain tile, quartz countertops and contemporary fixtures, delivering both style and functionality. Residences will include in-unit washers and dryers for convenience and terraces for outdoor connection.
Residents will have access to a wide range of indoor and outdoor amenities designed for wellness, social connection and everyday convenience. The fourth-floor amenity deck will include a resort-style pool and spa, outdoor dining and screening areas, and a landscaped courtyard with shaded seating. The courtyard connects to a large indoor community space featuring lounge areas, a kitchen and dining area, double-sided fireplace, game room, television lounge and club room.
Additional amenities will include a fitness center with group exercise and yoga rooms, coworking and study spaces, a maker s space, dog run and dog spa, and secure parcel storage. In total, the community will feature more than 84,000 square feet of terraces and courtyards designed to support outdoor living throughout the property.
The Carina will be the second residential community at the property, following the 2023 completion of the 309-unit Paloma apartments, and is anticipated to be completed in the fourth quarter of 2028.
The current phase of enhancements at MainPlace includes updates to the shopping center s atrium and food court dining area, creating a brighter and more contemporary gathering space for guests. Expanded seating, upgraded lighting and refreshed finishes enhance the visitor experience while creating a more open and welcoming environment.
Natural materials, wood accents and integrated greenery will complement the design of the center s new outdoor gathering spaces, reinforcing a cohesive indoor–outdoor experience throughout the property.
These improvements are part of the broader transformation of MainPlace into a mixed-use destination that integrates residential living, dining, shopping and community gathering spaces.
The Culinary District will introduce a new front door for MainPlace while showcasing the creativity of Santa Ana s local culinary scene, said Michael Platt, executive vice president of mixed-use development at Centennial. Positioned at the heart of the center, it will serve as a natural connection between the new residential communities and the shopping center, creating a welcoming place for people to gather, dine and experience the energy of MainPlace.
Envisioned as the social heart of MainPlace s evolving campus, the Culinary District will introduce a new gathering place for dining, community events and everyday connection. Spanning approximately 1.25 acres, the district will bring more than 20,000 square feet of locally curated, chef-driven Santa Ana culinary concepts together in a dynamic open-air setting.
Anchored by two flagship retail spaces framing a prominent new gateway into MainPlace at Center Court, the district will create a welcoming connection between the shopping center and the surrounding multifamily residences, including Paloma and The Carina.
Thoughtfully designed outdoor furnishings, colorful landscaping and inviting seating areas will create a lively public plaza, complemented by a programmed event space designed to host live entertainment, seasonal markets and community gatherings. Together, these elements will transform the Culinary District into an energetic destination where residents, visitors and shoppers can dine, gather and linger in the heart of MainPlace.
The Culinary District is anticipated to be complete by the fourth quarter of 2028.
MainPlace is a three-story super-regional shopping center located minutes from the Disneyland Resort and the Anaheim Convention Center. The property is currently undergoing a multi-phase transformation that includes new residential communities, enhanced dining and gathering spaces, and improvements to the existing shopping center environment.

RESTON, VA – Comstock Holding Companies, a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region, announced that it has completed the acquisition of The Reed, a 417-unit Class A multifamily property located at 15955 Frederick Road in Rockville, Maryland.
The acquisition was completed on behalf of a joint venture between the Company and a third-party Benefit Street Partners-advised institutional fund. Comstock Partners, LC, a privately held affiliate of the Company, co-invested in the joint venture. Two wholly owned subsidiaries of Comstock, CHCI Residential Management and ParkX Management, will provide best-in-class, customer-focused property management services for The Reed.
Built in 2015, The Reed is located directly adjacent to the Shady Grove Metro Station and within walking distance to the restaurants, shops, and outdoor spaces in Rockville’s bustling King Farm neighborhood. Its floor plans offer everything from cozy 1-bedroom apartments to expansive 3-bedroom layouts, each thoughtfully designed and well-appointed. The property includes a resort-style swimming pool, fitness center with yoga/boxing studio, clubroom, serene outdoor gathering spaces, multiple resident lounges, and a private parking garage.
This investment checks every box for us and we re thrilled to partner with Comstock on this exceptional asset, said Brian Buffone, Head of Equity Investments at Benefit Street Partners. Comstock has a proven track record as a best‑in‑class operator. We re excited to expand our relationship and look forward to creating value together.
The acquisition of The Reed expands Comstock s footprint in the Rockville submarket, where the Company now owns and manages more than 900 apartment units across three transit-oriented, multifamily properties, including BLVD Forty Four and BLVD Ansel.
The Reed is exactly the type of institutional-quality asset we seek as we continue to scale our Institutional Venture Platform, said Tim Steffan, Chief Operating Officer of Comstock. This acquisition demonstrates our ability to deploy capital alongside a high-quality, strategic partner to acquire core, core+ and value-add assets. The Metro-adjacent location of The Reed fits perfectly in our transit-oriented portfolio. With our experienced property management teams in place, we see a clear opportunity to elevate the resident experience and drive value for all stakeholders.

GREENSBORO, NC – Sun Life announced it intends to fully acquire Bell Partners, a leading U.S. multifamily real estate investment manager and vertically integrated property management business. Bell Partners will become the U.S. multifamily operating platform for Sun Life, operating under BGO.
Bell Partners has approximately US$10 billion of Gross Asset Value Under Management as of March 1, 2026. With nine offices across the United States, Bell Partners has close to 1,800 employees and manages approximately 70,000 apartment homes in 12 regions across the United States.
Founded in 1976, Bell Partners offers an extensive full-service vertically integrated national platform of expertise in investment and property management, acquisitions, and construction. Bell Partners has invested throughout all phases of the real estate cycle and has completed approximately US$11.9 billion of realized apartment transactions since 2002, including more than US$1.3 billion in acquisitions in 2025.
The acquisition strengthens BGO to deliver greater value to Clients, enhance its capabilities, and achieve deeper integration across its product offering. Bell Partners brings broader strategic benefits to the BGO platform by enhancing its value-add and core plus product offerings, broadening its investor base, and enabling further expansion in multifamily and multifamily-adjacent strategies in the future.
Sun Life will acquire a 100% interest in Bell Partners for a purchase price of US$350 million, with at least 75% payable in Sun Life common shares. All share repurchases for cancellation under Sun Life’s current Normal Course Issuer Bid (NCIB) have been completed. Any dilution resulting from the issuance of Sun Life common shares in the transaction is expected to be offset by share repurchases under a renewed Sun Life NCIB subject to regulatory and stock exchange approvals. The transaction is expected to be accretive to underlying earnings per share in 2026 on an annualized basis.
“The U.S. multifamily market is a tremendous opportunity of targeted growth for BGO,” said Sonny Kalsi, President and CEO of SLC Management. “The acquisition of Bell Partners broadens BGO’s strategic benefits and gives us vertically integrated property management capabilities, positioning our company as one of the leading U.S. multifamily investment managers.”
Housing remains a priority for governments at all levels across the United States, and these efforts underscore the essential role that experienced, long-term investors and operators can play in providing high-quality, multi-family rental communities.
Kalsi added, “We’re excited to welcome Bell Partners to BGO and SLC Management. Their team’s deep expertise in the multifamily real estate and market cycles will strengthen our organization, while the acquisition supports expanding our array of investment solutions available to our Clients.”
Upon closing, Bell Partners will continue to operate under its current leadership and will retain its distinct property-level branding, office locations, investment vehicles and client focus.