Global real estate investment manager BGO and multifamily investor, owner, and operator Bell Partners have entered into an agreement to combine their businesses to deepen their position as a leader across the multifamily and commercial sectors. This partnership is the result of the $350 million acquisition of Bell Partners by Toronto-based Sun Life Financial, BGO’s parent company.
“The U.S. multifamily market is a tremendous opportunity of targeted growth for BGO,” said Sonny Kalsi, president and CEO of SLC Management, the institutional alternatives and traditional asset management business of Sun Life. “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.”
The transaction is slated to close in the second half of 2026. According to the firms, this partnership will bring together two complementary platforms at a time when investor demand for institutional-quality multifamily housing continues to grow in the United States. Upon closing, the combined global real estate business of BGO and Bell Partners will represent over $100 billion of assets under management.
“This partnership reflects our strong conviction in the U.S. multifamily market and underscores our commitment to building deep expertise in sectors where we believe there is significant long-term opportunity,” said BGO co-president Amy Price. “Bell Partners has built an exceptional platform with a proven 50-year track record in multifamily that complements our firm’s culture and expertise in U.S. commercial and logistics sectors, supported by our global resources.”
Bell Partners, which has close to 1,800 employees and manages approximately 70,000 apartments across the nation, will continue to operate as a distinct, vertically integrated business under BGO, overseeing the broader company’s U.S. multifamily assets. Based in Greensboro, North Carolina, Bell Partners will continue to be led by its existing leadership team, retain its company and property brand, and will maintain its integrated investment and property management model.
“For 50 years, Bell Partners has been defined by a strong culture of caring and performance while passionately serving our residents,” said Bell Partners president and CEO Lili Dunn. “This opportunity will extend Bell’s operating and investment expertise across a larger residential platform and strengthen our depth and reach. It is a natural step in our evolution, preserving the essence of what has made us successful, while also opening new opportunities for the future.”
PJT Partners served as exclusive financial adviser for Sun Life, and Paul, Weiss, Rifkind, Wharton and Garrison served as legal counsel for the transaction. For Bell Partners, Morgan Stanley & Co. acted as exclusive financial adviser, and Hogan Lovells acted as legal counsel.