Greensboro apartment manager Bell Partners raised $950 million in equity, surpassing its original target of $800 million. Called Apartment Fund VII, Bell Partners has the capacity to acquire $2.5 billion in apartment investments by leveraging the newly raised money.
Bell Partners plans to target investments in market-rate apartment communities in 14 U.S. markets. It has already purchased three properties in Dallas, Washington, D.C. and Seattle.
“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.” Most investors in the fund are institutional investors that have been involved in previously Bell deals.
Established in 1976, Bell Partners has more than 60,000 units under management and generated more than $16 billion in apartment transactions since 2002. The company completed $1 billion in transactions in 2019.