Bell Partners Announces Sale of Apartment Assets Worth $1.8 Billion
GREENSBORO, N.C. – September 28, 2021 – Bell Partners Inc., one of the nation’s leading apartment investment and management companies, today announced that it has sold 23 apartment communities for over $1.8 billion. The assets, located across the United States, were a part of multiple investment vehicles managed by the Company.
“We are thrilled to deliver exceptional results to our investors,” said Lili Dunn, President of Bell Partners. “Our extensive platform and innovative approach have enabled us to outperform consistently over multiple decades. We value the relationships with our investors and are grateful for their trust and support.”
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, Ft. 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.
“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.”
Additional financial details of the transaction were not disclosed.
About Bell Partners Inc.
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 70,000 units under management, Bell Partners is one of the largest apartment operators and renovators in the United States. The Company has over 1,600 associates and ten 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 approximately $22 billion of apartment transactions since 2002. For more information, visit our website at www.bellpartnersinc.com.
Contact:
John Perilli
Prosek Partners for Bell Partners Inc.
(401) 316-3375
jperilli@prosek.com