Bell Partners Announces Sale of Apartment Assets Worth $1.8B
It’s the latest sign of multifamily housing’s aggressively priced risk/reward spectrum.
The apartment industry’s resilience has been on display with flying colors this year, as transaction volume continues at a record pace.
Bell Partners announced that it has sold 23 apartment communities for over $1.8 billion. The assets, located across the US, were a part of multiple investment vehicles managed by the company.
Mathew Lawton, executive managing director, JLL Capital Markets, tells GlobeSt that the performance of the multifamily housing sector through the pandemic “has further demonstrated its resiliency and how it should be aggressively priced on the risk/reward spectrum.
“This has driven cap rates down further as most capital is pricing of IRR due to double-digit net effective rent growth in most markets. This along with further rotation from the fixed-income markets into asset-backed holdings with the attractive debt markets further drives the ability to drive current returns.”
Bell Partners’ Value-Add Funds Investing Capital
In addition to the recent dispositions, Bell Partners has been actively investing capital on behalf of Bell Value-Add Fund VII and Bell Core Fund I in high-quality apartment communities located throughout the company’s target markets, including recently purchased assets in Seattle, San Francisco, Los Angeles, Dallas, Austin, Fort Lauderdale, Atlanta, Charlotte, Raleigh, Washington, D.C., and Boston.
The company has completed approximately $4.3 billion of acquisitions and dispositions so far in 2021.
Bell Partners CEO: Fundamentals Have Never Been Stronger
“Despite the economic disruption caused by Covid, the performance of our portfolio has remained resilient,” said Jon Bell, CEO of Bell Partners.
“We have experienced some of the strongest market fundamentals in the 45-year history of the company. We remain optimistic about the long-term demographic and lifestyle trends for the U.S. multifamily rental sector, and we will continue to be a judicious acquirer and opportunistic seller of apartment communities throughout the country.”