US multifamily real estate specialist Bell Partners has raised $1.3bn (€1.19bn) for its latest value-add fund.
The fund manager said the Value-Add Fund VIII exceeded its $1bn target to close at its hard cap, which when adding leverage gives the fund an investment firepower of around $3.2bn. Bell Partners raised $950m in 2020 for its previous fund.
Fund VIII’s backers include domestic and international investors, many of which were existing limited partners in previous funds, the manager said.
The value-add fund’s strategy involves acquiring well-located, high-quality market-rate apartments in 14 target markets across the US, including Boston, Washington DC, Raleigh, Charlotte, Atlanta, Fort Lauderdale, Orlando, Tampa, Austin, Dallas, Denver, Los Angeles, San Francisco and Seattle.
Lili Dunn, CEO and president of Bell Partners, said: “We are grateful for the support of our investors and are committed to consistently delivering strong performance throughout a full market cycle by leveraging our national platform and deeply experienced team.
“We are focused on carefully identifying attractive investment opportunities that create value for our investors.”
Joe Cannon, EVP in charge of portfolio management at Bell Partners, said: “Apartment fundamentals remain solid, and we are confident that multifamily housing is well positioned to withstand changing market conditions.
“As we evaluate opportunities to invest Fund VIII, we will continue to leverage the insights and capabilities from Bell’s vertically integrated operating platform to identify attractive investment opportunities and maintain our record of creating value for our investors.”
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