National apartment investor and manager Bell Partners, based in Greensboro, North Carolina, has completed the final close for its core multifamily venture, including Bell Core Fund I. According to the company, once fully invested, the venture’s total equity capitalization will be $930 million from a range of domestic and foreign institutional investors.
This leverage will help the venture purchase more than $1.8 billion of multifamily assets that can generate consistent cash flow with strong appreciation over the long term in 14 major markets. The venture already has purchased eight multifamily communities in seven markets—Atlanta; Austin, Texas; Dallas; Los Angeles; Raleigh, North Carolina; San Francisco; and Seattle—for a combined purchase price totaling over $900 million.
The recently acquired properties include:
- Bell Chapel Hill, Chapel Hill, North Carolina;
- Bell CityLine, Richardson, Texas;
- Bell Lakeshore, Austin
- Bell Mt. Tam, Corte Madera, California;
- Bell Terminus and Bell Collier Village, Atlanta;
- Bell Totem Lake, Kirkland, Washington; and
- Bell Warner Center, Canoga Park, California
“This new venture formalizes a long history of core investing at Bell Partners and complements our value-add investment offerings,” said Lili Dunn, president and incoming CEO of Bell Partners. “With a focused strategy of deepening our presence in each of our key markets across the country, we can leverage our local experience and extensive operating platform to continue delivering outperformance for our investors.”
According to Bell Partners, the close of the venture follows a record year of investment activity in 2021, with approximately $4.8 billion in multifamily transaction volume. Since creating its fund platform in 2006, the company has closed eight funds, with total equity commitments of $3.5 billion, that have been launched and invested on behalf of institutional investors and high-net-worth individuals. As of December, Bell Partners oversees an investment management portfolio totaling approximately $7 billion in gross asset value.
In addition, Bell Partners also announced that it has added to its team. Rachel Rosenthal has joined the company as senior vice president, investor relations. She brings 15 years of experience in real estate investor relations and private capital formation, most recently with Sera Global.
