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. The LEED Silver certified property, located at 401 Cypress Ave. and adjacent to the Caltrain station, was acquired by Bell Partners on behalf of its Bell Growth & Income Fund investors and will be renamed Bell South City II.
The seller, a partnership between Sares Regis and an institutional equity partner, was represented by Berkadia in San Francisco. The acquisition price was undisclosed. Celeste Apartments is the second Sares Regis property acquired by Bell Partners, following the $206-million sale of nearby Cadence in 2022.
“Sares Regis has been a pioneer in multifamily residential development in South San Francisco, bringing 455 apartments to market, starting with Cadence in 2019 and its neighbor Celeste welcoming residents three years later,” said Drew Hudacek, CIO for Sares Regis. “We are proud to have helped advance the city’s vision for its downtown under the Downtown Station Area Specific Plan.”
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