Bell Partners holds $425m close

Bell Partners has raised $425 million for its fifth fund, surpassing its $300 million equity fundraising target.

Bell Institutional Fund V will pursue value-add class A and class B apartment opportunities in the United States. The following 14 markets have been identified as target markets: Austin; Atlanta; Boston; Charlotte, N.C.; Dallas; Durham, N.C.; Fort Lauderdale, Fla.; Houston; Miami; Nashville, Tenn.; Northern/Central New Jersey; Orlando; Philadelphia; Raleigh, N.C.; Tampa, Fla.; and Washington, D.C.

Bell believes these markets generally support a large population of more than 1.5 million; offer lower rent growth volatility; provide a sizable transaction market to maximize investor interest upon exit; project attractive total returns based on historical capitalization rates and expected rent growth; and have the ability to be supported by Bell’s management team. Other smaller markets may also be considered on a selective basis where Bell has a co