Apartment investment and management firm Bell Partners has announced executive team transitions as part of its long-planned leadership succession goals. The firm, based in Greensboro, North Carolina, has named Lili F. Dunn as CEO in addition to her current role as president. Jon D. Bell was named executive chairman, transitioning from CEO, and Steven D. Bell, who founded the firm in 1976 and has served as chairman since 2016, was named chairman emeritus.
“I am grateful and honored to expand my leadership role at Bell Partners,” said Dunn, who joined the firm in 2010 as chief investment officer and has been president since 2016. “I am fortunate to work with an outstanding team, and together we will continue to deliver strong performance for our residents, partners, and clients.”
The leadership transitions are effective March 1 and follow a record year of investment activity for Bell Partners, with approximately $4.8 billion of multifamily transaction volume in 2021. This volume represents the firm’s strategic focus to deepen its investment and management platform in 14 target markets. The firm owns and/or manages 70,000 apartments throughout the nation and is actively investing in markets in the Mid-Atlantic, Northeast, Southeast, Texas, and the West Coast.
In addition, the firm has expanded its executive committee by adding executive vice president Nickolay N. Bochilo and executive vice president of portfolio management Joseph F. Cannon. Bochilo and Cannon joined the firm in 2001 and 2009, respectively.
“These promotions are part of a deliberate strategic plan to continue Bell’s successful evolution well into the future,” said Jon Bell. We have a deep bench of experienced leaders and are well-positioned to continue our 45-year history of strong results.”
The implementation of Bell Partners’ succession plan will not result in changes in the firm’s ownership. The Bell family will remain the combined majority owners; shares representing approximately 25% of the firm’s ownership were transferred to non-Bell family executives starting in December 2019.