Big Peninsula apartment complex is bought for more than $200 million

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SOUTH SAN FRANCISCO — A big and new apartment complex in South San Francisco has been bought for more than $200 million by a housing-oriented real estate firm with a coast-to-coast reach.

Bell Partners, acting through an affiliate, purchased a 260-unit complex that’s called Bell South City Apartments, according to documents filed on May 13 with the San Mateo County Recorder’s Office.

North Carolina-based Bell Partners paid $206 million for the two-building complex, the county documents show.

At the time of the purchase, Bell Partners obtained a $105 million loan from Northwestern Mutual Life Insurance to help finance the acquisition, according to the San Mateo County documents.

Bell South City Apartments, a housing complex at 398 and 400 Cypress Ave. in South San Francisco that totals 260 units. (Google Maps)

Bell Partners has completed $22 billion in apartment transactions since 2002, according to the real estate company’s website.

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