- Sun Life to acquire US-based Bell Partners for $350M, payable mostly in shares.
- The multifamily acquisition brings Sun Life’s assets under management to over $100B with BGO and Bell Partners combined.
- Bell Partners will become Sun Life’s dedicated US apartment platform under BGO.
- Bell Partners manages 70,000 apartment units across 12 US regions.
Big Move Into Multifamily
Sun Life Financial, based in Toronto, will acquire Bell Partners for $350M, according to CoStar. Bell Partners is a major US multifamily investment and management firm. Sun Life will pay at least 75% of the purchase price in shares. The deal should close in the second half of 2026. After closing, Bell Partners will serve as Sun Life’s US multifamily platform under BGO.
Investor Momentum Builds
Following the multifamily acquisition, Sun Life and BGO will manage more than $100B in real estate assets. Bell Partners manages about 70,000 apartment units across major US markets. The deal follows continued capital flows into large housing assets, including major refinancing activity for multifamily properties in Los Angeles.
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Why It Matters
The acquisition reflects Sun Life’s bullish outlook on US multifamily. Vertical integration will give BGO expanded operational and investment expertise in the sector. Amid moderating apartment supply and slowing absorption, the deal positions Sun Life for long-term growth as vacancy rates are forecasted to plateau through late 2026.
What’s Next
Bell Partners will retain its leadership, brand, and investment vehicles post-acquisition. Sun Life continues to expand in asset management, finalizing other investments in Crescent Capital Group and the remaining shares of BGO. Total assets under management by Sun Life stood at $1.6T at the end of 2025, reinforcing its global platform’s scale and reach in multifamily acquisition.
