Bell Partners Sells 23 Properties for $1.8B
The properties were part of multiple investment management vehicles.
Bell Partners, which has been actively investing in apartment communities in its target markets across the U.S. this year, sold 23 multifamily properties that were part of multiple investment management vehicles for more than $1.8 billion.
The properties were located in eight states throughout the Northeast, Southeast and Western U.S. The firm declined to release more details on those dispositions but said it has completed approximately $4.3 billion of acquisitions and dispositions so far in 2021.
The company has been making investments through its Bell Value-Add Fund VII and Bell Core Fund I in its target markets including recent purchases in Seattle; Los Angeles; San Francisco; Dallas; Atlanta; Boston; Washington, D.C.; Charlotte, N.C.; Raleigh, N.C.; Fort Lauderdale, Fla.; and Austin.
Jon Bell, CEO of Bell Partners, said in a prepared statement the portfolio has remained resilient despite the economic disruption caused by the pandemic. Noting the firm has experienced some of the strongest market fundamental in its 45-year history, he said they remain optimistic about the long-term demographic and lifestyle trends for the U.S. multifamily rental sector.
Bell said the company will “continue to be a judicious acquirer and opportunistic seller of apartment communities throughout the country.”
The company has been busy with acquisitions in recent months. In early September, Bell Partners added The Elliott, a 272-unit community in Chapel Hill, N.C., and announced plans to rebrand it as Bell Chapel Hill. The property was acquired on behalf of Bell Core Fund I investors.
Also in September, Bell Partners acquired Avery at Northwinds, an 800-unit apartment community in the Atlanta suburb of Alpharetta, Ga. The property, renamed Bell Alpharetta, was acquired on behalf of the firm’s Bell Value-Add Fund VII investors.
The firm also made an acquisition in Los Angeles this month, purchasing Hanover Warner Center, a 395-unit multifamily property located in the Warner Center neighborhood in the San Fernando Valley. Acquired on behalf of the Bell Core Fund I investors, the asset has been renamed Bell Warner Center.
Last month, Bell Partners added the 435-unit CityLine Park, a Dallas-area property, to its portfolio. The Richardson, Texas, apartment community was acquired on behalf of the firm’s Bell Core Fund I investors and rebranded Bell CityLine.
Also in August, Bell Partners further expanded its Texas holdings with the acquisition of Lenox Boardwalk, a 339-unit community in Austin, purchased on behalf of Bell Core Fund I investors that will be renamed Bell Lakeshore.