GREENSBORO, NC—Bell Partners Inc. said Monday it had closed on Bell Apartment Fund VI LLC. The value-add fund was materially oversubscribed and closed at its fund size limit with $600 million of total equity commitments; including debt leverage, Fund VI will have the capacity to make over $1.7 billion in apartment investments.
In so doing, the new fund—nearly as large as its two predecessors combined—will target multifamily properties in key markets across the US with healthy fundamentals. From there, Bell's strategy is to produce superior risk-adjusted returns via renovation, enhanced operations and investment in transitioning locations.
Fund VI's investor base is comprised of institutional investors from across the globe as well as accredited high-net-worth individuals. CBRE Capital Advisors acted as placement agent for select US investor capital commitments. Fund V closed in June 2015 at $425 million, while Fund IV had its final close in April 2013 with $200 million in commitments.
“We are grateful to our investors for their commitment to our most recent value-add fund and are very pleased with the reception that Fund VI received from both domestic and international investors,” says CEO Jon Bell. “The extremely positive investor response demonstrates a high level of confidence in Bell's strategy, management team and vertically integrated operating platform, as well as the recognition of our strong track record.”
Bell Partners made nearly $1.3 billion in apartment acquisitions in 2016. With 60,000 rental units under management, it's the 15th largest apartment operator in the US, as ranked by the National Multifamily Housing Council.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
