Apartment investment and management firm Bell Partners, based in Greensboro, N.C., has completed the final close for Bell Apartment Fund VII at its hard cap of $950 million in equity commitments.
According to Bell Partners, the fund exceeded its target of $800 million with commitments coming from a range of domestic and international institutional investors, including the vast majority from Bell Apartment Fund VI, and high net worth investors.
The latest fund has a value-add strategy to focus on investing in high-quality market-rate communities in 14 target markets across the nation. It has already purchased three properties in Dallas, Seattle, and Washington, D.C. The fund will create value by enhancing operations, capitalizing on price dislocations, and renovating the properties.
“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, in a statement. “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.”
Bell’s nationwide operating platform and business intelligence capabilities will continue to aid the company in identifying opportunities and deploying capital, according to the firm.
“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,” added Lili Dunn, president of Bell Partners.
Bell Partners is one of the nation’s largest apartment operators, with approximately 60,000 units under management, more than 1,400 associates, and eight offices.
