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Bell Partners Closes $600 Million Apartment Fund VI

Private Equity Real Estate Fund to Focus on Value-Add Investments
June 21, 2017
Bell Cherry Hill in Englewood, CO.
Bell Cherry Hill in Englewood, CO.
Bell Partners Inc. completed its second and final close of Bell Apartment Fund VI with $600 million of total equity commitments.

The fund was materially oversubscribed and closed at its fund size limit. With debt leverage, the fund has the capacity to acquire over $1.7 billion in apartment investments.

Bell Apartment Fund VI is a fully discretionary fund with a national footprint that seeks to add value through renovation, enhanced operations and investing in transitioning locations.

The fund's investor base is comprised of institutional investors from across the globe and accredited high-net-worth individuals.

One of those investors is the Pennsylvania Public School Employees’ Retirement System. According to PSERS, Bell’s investment strategy is to create a portfolio of value-add multifamily properties targeting a net IRR of 11-13% using 65% leverage. These properties tend to contain from 150 to 450 individual units.

Bell’s investments span 13 states and Fund VI will target the following markets: Boston, DC, Raleigh/Durham, Nashville, Atlanta, Charlotte, Orlando/Tampa, Ft. Lauderdale/Miami, Dallas, Austin, Denver, Northern and Southern California. The California market is an additional market for Fund VI, and will be limited to a maximum of 20%.

CBRE Capital Advisors acted as placement agent for select U.S. investor capital commitments.

In addition to its series of value-add apartment funds, Greensboro-based Bell also invests in stabilized, core apartments through a $1 billion separate account with a German real estate special fund managed by HansaInvest. The venture is focused on acquiring stabilized core multifamily properties located across its major markets in the U.S.

During 2016, Bell completed nearly $1.3 billion in total apartment transactions.

Bell’s most recent purchase was this past April when it acquired Alta Cherry Hills, a 306-unit community in Englewood, CO< for $78.3 million ($255,882/Unit). For more information on that deal, see CoStar Sale Comp ID: 3890179.

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