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Alternative Market Briefing

Bell Partners closes on nearly $1bn value-add multifamily fund

Thursday, June 04, 2020

Laxman Pai, Opalesque Asia:

Bell Partners has closed its most recent multifamily real estate fund, Bell Apartment Fund VII, at its $950 million hard cap, exceeding its $800 million target.

The multifamily investor and management company said that its latest value-add fund is also 58.3% larger than the predecessor fund, the $600 million Bell Apartment Fund VI, which closed in 2017.

Bell Apartment Fund VII is a value-add strategy that focuses on investing in high-quality market-rate apartment communities in 14 target markets across the United States. The Fund intends to create value by enhancing operations, implementing renovations, and capitalizing on price dislocations.

The company has already purchased three properties in Dallas, Washington DC, and Seattle for the fund.

The Fund has more than $2.5 billion in purchasing power when leverage is added. Park Hill served as an advisor to Bell Partners during the fund formation process.

"The fact that we were able to close Bell Apartment Fund VII above our target despite the volatility caused by Covid-19 is a strong vote of confidence from our investors," said Jon Bell, CEO of Bell Partners. "Bell Partners has weathered numerous economic downturns during its four-and-a-half decades in business and while this one is certainly unusual, we are well-positioned to navigate it. I'm humbled by the amount of support we have received and am confident that we will continue to outperform for our investors."

Investors ......................

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