Multifamily investment and property management firm Bell Partners announced that it just closed a $1.3 billion value-add fund in equity commitments between domestic and international investors, many who invested in previous funds.

"Fund VIII will deploy a value-add investment strategy, acquiring well-located, quality market-rate apartments in 14 target markets across the United States including Boston, Washington D.C., Raleigh, Charlotte, Atlanta, Fort Lauderdale, Orlando, Tampa, Austin, Dallas, Denver, Los Angeles, San Francisco and Seattle," the company said in a press release. "With leverage, the Fund has investment capacity of approximately $3.2 billion. The fund's value creation strategies include renovations, enhanced operations, and investment in transitioning neighborhoods."

Many in CRE have been wondering when the opportunity — or distress, depending on your mood — value buying would start. Just two years ago, BlackRock said distress in multifamily could be a long wait. Apparently not that long.