Bell Partners has closed its most recent multifamily real estate fund, Bell Apartment Fund VII, at its $950 million hard cap, exceeding its $800 million target, CEO Jon D. Bell said.
Bell's latest value-add fund is also 58.3% larger than the predecessor fund, the $600 million Bell Apartment Fund VI, which closed in 2017.
The new fund has already invested in three properties: one each in Dallas, Washington and Seattle. Bell executives will continue to focus on 14 target markets across the U.S. including Boston, Washington, Atlanta, Nashville, Tenn., Denver, San Francisco and Los Angeles, said Lili Dunn, president of Bell Partners.
The firm focuses on a smaller number of investors in its funds, with many of the investors in the new fund having invested with Bell Partners in the past, Mr. Bell said.
Investors in the fund include the 59.1 billion Pennsylvania Public School Employees' Retirement System, Harrisburg; $25.4 billion New Mexico State Investment Council, Santa Fe; and $11.3 billion Montana Board of Investments, Helena.