Bell Partners has confirmed raising $950m (€844m) for its latest US value-add apartment fund.

IPE Real Assets reported in April that the Bell Apartment Fund VII, which was seeking to raise $800m, had raised $950m.

Bell Partners said the hard cap target reached gives the fund the capacity to acquire over $2.5bn in apartment investments with leverage.

As previously reported, Bell Partners is holding off from making new acquisitions for the fund due to the uncertain economic environment.

The manager said the Bell Apartment Fund VII fund received commitments from a broad range of domestic and international institutional investors.

The vast majority of investors were from the predecessor Bell Apartment Fund VI fund, which raised $600m in June 2017.

Jon Bell, CEO of Bell Partners, said: “The fact that we were able to close Bell Apartment Fund VII above our target despite the volatility caused by Covid-19 is a strong vote of confidence from our investors.

“Bell Partners has weathered numerous economic downturns during its four-and-a-half decades in business and while this one is certainly unusual, we are well-positioned to navigate it.”

To read the digital edition of the latest IPE Real Assets magazine click here.