Bell Partners closes Apartment Fund VII at USD950m
Bell Partners, an apartment investment and management company, has completed the final close for Bell Apartment Fund VII at its hard cap of USD950 million in equity commitments.
The fund materially exceeded its target size of USD800 million, with commitments coming from a broad range of domestic and international institutional investors, including the vast majority of investors from Bell Apartment Fund VI, as well as accredited high-net-worth investors. The Fund has the capacity to acquire over USD2.5 billion in apartment investments with leverage. Park Hill served as an advisor to Bell Partners during the fund formation process.
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 capitalising 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," says 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," says 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."
Bell Partners has been recognised for its deep experience and strong track record in the apartment sector. As of December 2019, the Company has sold 250 apartment properties for aggregate gross proceeds of approximately USD7.6 billion resulting in a levered IRR and equity multiple of 17.5 per cent and 2.1x (net of fees). Additionally, Preqin's Global Real Estate Report has ranked Bell Partners as one of the most consistently top-performing real estate fund managers globally every year since 2014.