BGO co-President Amy Price and Bell Partners CEO Lili Dunn were sitting at a small outdoor table near the Washington, D.C., riverfront a couple of years ago, talking shop and catching up on each other's lives, when a big idea struck.
Price was visiting the U.S. capital from San Francisco for a commercial property industry conference when the conversation between the real estate executives, who had crossed paths for years, turned from careers to what it might look like to actually become colleagues.
“We were talking about dreaming together,” Dunn, who works in Northern Virginia, said in an interview. “How fun would it be to combine these complementary platforms and be able to work with people you like and respect, and build something together.”
Their dream became reality this past week when BGO's parent, Sun Life Financial of Toronto, agreed to buy Bell Partners for US$350 million and fold it into BGO as its U.S. multifamily business. Dunn and the rest of Bell’s leadership are to run the division that would give Sun Life a major platform in the U.S. multifamily market with 70,000 apartments from coast to coast.
The deal shows the importance of networking and ongoing friendships between industry professionals; neither woman knew what, if anything, would come from their casual meeting. “It wasn’t like we sat down and said, ‘Let’s do a transaction,’” Price said in an interview. “It was simply a conversation. And then it was another conversation. And then another.”
Price and Dunn first met through industry groups and professional circles, particularly among senior women running large real estate platforms.
“Real estate is a relatively small industry, and it’s very much a relationship business,” Price said. “Lili and I were both on the board of an industry organization together. We built a network together and got to know each other personally.”
That foundation became more important as the conversation turned more strategic.
“At BGO, we had identified gaps in our business that we really wanted to fill,” Price said. “I wanted to understand Bell’s future, the ownership structure and where the company was headed. At that point, it was premature. There wasn’t an immediate opportunity.”
Still, the dialogue continued. “I remember the restaurant,” Dunn said of their meeting at Del Mar at The Wharf, a mixed-use development on the D.C. waterfront. “We were talking about what could be possible one day. It evolved naturally over time.”
A relationship years in the making
BGO is a global real estate investment manager active across the U.S., Europe and Asia, involved in debt, equity and real estate. Its focus, Price said, has long been institutional clients and long-term relationships.
“We think about where we see opportunities by sector and how to invest in them thoughtfully,” Price said. “That’s always been our approach.”
As co-president of BGO, Price oversees its U.S. and Canadian businesses and works closely with the firm's capital-raising team. She's also a member of BGO's global executive team, management committee and the U.S. investment committees.
Price spent more than two decades at Morgan Stanley, working in New York, Hong Kong and San Francisco before joining BGO in 2012.
In the U.S., BGO had built deep expertise in commercial real estate, particularly industrial, but lacked a scaled apartment operating platform. “We recognized that multifamily was a gap for us,” Price said. “That’s where Bell came in.”
Bell Partners, founded in 1976, is almost entirely focused on apartments. The investment management and property management firm has roughly 70,000 units across 22 U.S. markets.
“We exclusively focus on multifamily,” Dunn said. “We’re in the people business. It’s an honor and a privilege to impact lives, and we take that responsibility seriously.”
Bell is currently celebrating its 50th year in business, Dunn said, and the timing of the deal was deliberate. “This decision to partner with BGO and Sun Life was part of a long-term strategic plan,” she said. “It strengthens our financial position and allows us to scale thoughtfully.”
As for Dunn, she said her interest in the multifamily industry started early.
She grew up around real estate in upstate New York, where her father was a developer, and said family outings often came with detours to check on properties or potential investments.
“There was never a direct route,” she said. Dunn later spent about 20 years at apartment giant AvalonBay before joining Bell Partners, a firm she described as a family company with a strong culture. “What excited me was that spirit of caring while still driving strong results,” she said.
Keeping the focus on people
Those years, she said, left a lasting impression on how she views housing.
“In the apartment business, it’s very personal,” Dunn said. “This is where life happens. People celebrate birthdays, children are born, and people also go through hard moments.”
Both executives said the cultural fit between the two firms was just as important as strategy or scale. “When you understand the strategic rationale and the complementary platforms, that part is clear,” Price said. “What takes time is the cultural piece. That’s what defines whether something works.”
Dunn said preserving Bell’s identity was essential. “This is a transition of ownership, not of leadership,” she said. “We are continuing with the same team. That was critical.”
Price echoed that point. “We want Bell led by Lili and her team to continue doing what they do best,” she said. “Their culture and their approach are why this partnership makes sense.”
Both described the combination as evolutionary, not disruptive. “It’s about building on what already works,” Price said.
On the business side, Dunn said Bell is keeping a close eye on fundamentals as the apartment market works through a period of uncertainty.
“Occupancy has been pretty stable, generally in the mid-90% range,” she said. “We’re expecting measured growth, but it varies by market.” She said gateway and urban markets have started to regain momentum after years when Sun Belt cities were the clear leaders.
“When there’s economic uncertainty, people tend to pull back,” Dunn said. “But people always need a home, and they’re less likely to move during those periods.”
That dynamic, she said, makes resident experience even more important. “If you focus on your residents and do a great job for them, they stay,” Dunn said. “Sometimes it’s a simple smile or asking how their day was. Those things make a difference."
Looking back, both women said the deal’s origins still feel personal. “Some of the most important things in this business start with a conversation,” Price said. “You sit down, you listen, and you see where it goes.”
For Dunn, the appeal was simple. “Working with people you respect and trust matters,” she said. “That’s how you build something that lasts.”