Bell Partners Closes $930 Million Core Venture
Core venture will complement existing value-add strategies in key markets
Follows $4.8 billion of transaction activity in 2021
Rachel Rosenthal joins Investor Relations team
GREENSBORO, N.C. – February 15, 2022 – Bell Partners (the “Company”), one of the nation’s leading apartment investment and management companies, today announced it has completed the final close for its core multifamily venture including Bell Core Fund I (the “Venture”). Once fully invested, the Company anticipates the Venture’s total equity capitalization will be $930 million from a broad range of domestic and international institutional investors.
With leverage, the Venture intends to purchase over $1.8 billion of well-located, high-quality multifamily properties in 14 major markets across the U.S. that can generate consistent cash flow with strong appreciation over a long-term investment horizon. The Venture has already purchased eight properties located in Atlanta, Austin, Dallas, Los Angeles, Raleigh, San Francisco, and Seattle for a total combined purchase price of $900+ million.
“This new venture formalizes a long history of core investing at Bell Partners and complements our value-add investment offerings,” said Lili Dunn, President and incoming CEO of Bell Partners. “With a focused strategy of deepening our presence in each of our key markets across the country, we can leverage our local experience and extensive operating platform to continue delivering outperformance for our investors.”
The close of the Venture follows a record year of investment activity for the Company, with approximately $4.8 billion of apartment transaction volume completed in 2021. Since creating its fund platform in 2006, Bell Partners has closed eight funds with total equity commitments of $3.5 billion that has been launched and substantially invested on behalf of institutional and high net worth investors. As of December 2021, the Company oversees an investment management portfolio totaling approximately $7.0 billion in gross asset value. Bell Partners has been ranked as one of the most consistently top-performing real estate private equity firms globally by Preqin’s Global Real Estate Report every year since 2014.
The Company also announced that Rachel Rosenthal has joined the organization as Senior Vice President, Investor Relations. Ms. Rosenthal brings 15 years of experience in real estate private capital formation and investor relations. She has held roles on both the third-party capital placement and advisory side, most recently with Sera Global. In addition, Ms. Rosenthal has worked closely with real estate managers across strategies and risk-return profiles and has focused extensively on building out ESG strategies for real estate investment managers.
About Bell Partners Inc.
Established in 1976, Bell Partners Inc. is a privately held, vertically integrated apartment investment and management company focused on high-quality multifamily rental communities throughout the United States. The Company currently manages approximately 70,000 apartment homes nationwide with over 1,600 associates and ten regional offices (in addition to its headquarters in Greensboro, N.C.). Bell Partners offers an extensive full-service platform of expertise in acquisitions and dispositions, construction, financing, property operations, accounting, risk management, and related support functions. The Company is led by a senior management team with an average industry experience of over 20 years. Bell Partners has invested throughout all phases of the real estate cycle and has completed over $22 billion of apartment transactions since 2002. For more information, visit www.bellpartnersinc.neoscapelabs.com.
Josette Thompson / John Perilli
Prosek Partners for Bell Partners Inc.
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