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Back To News January 12, 2021

Bell Partners Continues Shareholder Transition to Strengthen Ownership Structure

Bell Partners Continues Shareholder Transition to Strengthen Ownership Structure

Founder and Chairman Steve Bell transfers additional shares to new shareholder COO Cindy Clare and company executive officers

Bell family retains combined majority ownership; leadership team remains intact

GREENSBORO, N.C. – January 11, 2021 – Bell Partners, one of the nation’s leading apartment investment and management companies (“the Company”), today announced a change in its shareholder structure, effective immediately.

Following a long-planned transfer of a minority interest of shares last year, Bell Partners Founder and Chairman Steve Bell, has now transitioned additional company ownership to select executive officers of the Company, including new shareholder Cindy Clare (COO) as well as existing shareholders Lili Dunn (President), Nickolay Bochilo (EVP Investments), and Joe Cannon (EVP Portfolio Management). The Bell family will remain the combined majority owners of the Company.

“We are always thinking about the future of Bell Partners, and believe it is best for all constituents if those who are leading it day-to-day have a stake in its success,” said Steve Bell. “It is very deserving for Cindy Clare, our Chief Operating Officer, to become a shareholder, and for other executives to grow their ownership interest in the company. We continue to execute on our succession plan, and I am confident that we have the right leadership team in place to navigate the years ahead.”

Bell Partners CEO Jon Bell added, “We are thrilled to have Cindy become a shareholder, and pleased that Lili, Joe, and Nickolay have increased their ownership in the company. This additional expansion of company ownership is another momentous occasion for Bell Partners and is consistent with our desire to make this a sustainable company that relies on a broad team to forge our continued success for decades to come.”

Bell Partners Chief Operating Officer Cindy Clare remarked, “I am grateful and honored to become a Bell Partners shareholder. Despite the challenging economic and health environment, we remain focused on creating communities our residents are proud to call home, and delivering great results for our associates and partners.”

As part of this shareholder transition, the composition of the Company’s Executive Committee and Investment Committees remain unchanged, as will the general partner (GP) structure on each of the Company’s prior funds.

About Bell Partners

Established in 1976, Bell Partners Inc. (“Bell Partners” or the “Company”) is a privately held, vertically integrated apartment investment and management company focused on high-quality multifamily communities throughout the United States. With approximately 62,000 apartments under management, Bell Partners is one of the largest apartment operators in the United States. The Company has over 1,500 associates and eight offices (including its headquarters in Greensboro, N.C.) and offers an extensive and full-service platform containing expertise in acquisitions and dispositions, construction, financing, property operations, accounting, risk management and all other related support functions. Bell Partners is led by a senior management team with an average of over 20 years of experience that has invested throughout all phases of the real estate cycle and has helped the Company complete over $15 billion of apartment transactions since 2002, including over $1.2 billion in 2020 transactions. For more information, visit our website at www.bellpartnersinc.com.

Media Contacts
Amanda Lake / John Perilli
Prosek Partners for Bell Partners, Inc.
(212) 279-3115
alake@prosek.com / jperilli@prosek.com

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