Sun Life to Acquire Bell Partners and Bolster BGO Multifamily Platform
Sun Life has announced its intention to fully acquire Bell Partners, a vertically integrated U.S. multifamily real estate investment manager and property management business. Bell Partners will become Sun Life’s U.S. multifamily operating platform and operate under BGO.
As of March 1, 2026, Bell Partners reports approximately US$10 billion of Gross Asset Value Under Management, nearly 1,800 employees across nine U.S. offices, and management of roughly 70,000 apartment homes in 12 regions. Founded in 1976, the firm provides a full-service national platform covering investment and property management, acquisitions, and construction. Since 2002 Bell Partners has completed approximately US$11.9 billion of realized apartment transactions, including more than US$1.3 billion in acquisitions in 2025.
Sun Life will acquire a 100 percent interest in Bell Partners for US$350 million, with at least 75 percent of the purchase price payable in Sun Life common shares. The company reports that all share repurchases for cancellation under its current Normal Course Issuer Bid have been completed. Any dilution from the issuance of common shares for the transaction is expected to be offset by repurchases under a renewed NCIB, subject to regulatory and stock exchange approvals. Sun Life expects the transaction to be accretive to underlying earnings per share in 2026 on an annualized basis.
According to the announcement, the acquisition strengthens BGO’s ability to deliver broader product capabilities and deeper integration across its offerings. Bell Partners’ presence expands BGO’s value-add and core plus product sets, broadens its investor base, and provides a platform for further expansion in multifamily and adjacent strategies.
“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 in the United States, and the announcement highlights the role experienced, long-term investors and operators have in providing high-quality multifamily 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.”
Bell Partners will continue to operate under its current leadership and retain its existing property-level branding, office locations, investment vehicles, and client focus upon closing. For multifamily operators and investors, the transaction signals continued emphasis on scale, integrated management capabilities, and diversified investment strategies within the U.S. rental housing sector.