Bell Partners Forms $800M Multifamily Venture

With leverage, the venture expects to buy more than $1.5 billion of assets in 14 target markets across the U.S.
Bell Rohnert Park. Image courtesy of Bell Partners

Apartment investment and management company Bell Partners has formed an $800 million core multifamily venture with longstanding institutional partners to acquire properties in 14 target markets across the United States.

With leverage, Bell and its institutional partners intend to buy more than $1.5 billion of assets.

Bell Partners said initial capital commitments were made for the venture on March 26 from partners in previous investment vehicles sponsored by Bell. The company declined to identify any of the venture partners.

However, Bell Partners President Lili Dunn said in a prepared statement the venture is part of the company’s strategic plan to further its product offering for its institutional partners. She added the venture is designed to deepen Bell’s presence within its target markets with complementary vehicles.

The firm’s investment activities are exclusively focused on 14 target markets across the U.S. and this venture will source opportunities in those markets. They are: Atlanta; Boston; Dallas; Denver; San Francisco; Los Angeles; Seattle; Charlotte, N.C.; Raleigh, N.C.; Nashville, Tenn.; Orlando/Tampa, Fla.; Fort Lauderdale, Fla.; Austin, Texas; and Washington, D.C.

The venture will be targeting well-located, lower risk, high-quality multifamily properties in submarkets that can generate consistent cash flow with strong appreciation over a long-term investment horizon.

As of December 2020, the company oversaw an investment management portfolio totaling approximately $5.1 billion in gross asset value. It currently has about 65,000 units under management.

Recent Deals

In recent months, Bell Partners has made numerous acquisitions on behalf of the firm’s Fund VII investors including the February acquisition of Windsor at Redwood Creek, a 232-unit apartment community in Rohnert Park, Calif. The property was renamed Bell Rohnert Park.

On the East Coast, Bell acquired two adjacent Westford, Mass., apartment communities in December and merged them into a 420-unit community called Bell Westford.

In November, the company acquired Westwind Farms, a 464-unit apartment community in the Washington, D.C., suburb of Ashburn, Va., and renamed it Bell Ashburn Farms. Also in November, Bell Partners purchased The Cade and The Lumin, two apartment communities in Boca Raton, Fla., with 180 apartments and 90 townhomes. The two adjacent properties were merged into one community to form Bell at Broken Sound.

Earlier this year, Bell sold a 500-unit apartment property in Broomfield, Colo., a Denver suburb, to an affiliate of Treeline Multifamily Partners for $154 million.