Bell Partners, an apartment investment and management company focused on multifamily communities throughout the United States, announced the final close of its Bell Apartment Fund VII (the Fund) with equity commitments of $950 milion from a broad range of domestic and international institutional investors.
The fund materially exceeded its target size of $800 million. The company said, the Fund has the capacity to acquire over $2.5 billion in apartment investments with leverage.
Bell Apartment Fund VII is a value-add strategy which 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 Fund has already purchased three properties in Dallas, Washington DC and Seattle. Bell’s extensive nationwide operating platform and sophisticated business intelligence capabilities will continue to help the company identify opportunities and effectively deploy capital.
“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.”
“The positive reception of Bell Apartment Fund VII speaks to the strength of our people and company,” said Lili Dunn, President of Bell Partners. “We are fortunate to have a large operating platform that affords us efficiencies and provides opportunities across the country while also having a deep regional presence and hands on execution to inform our decisions and drive strong results. I’m grateful to our investors for their support and to our entire team for their continued commitment to excellence during these challenging times.”