Jacksonville Police & Fire allocates $20m for Bell Partners Value Add Fund VIII

The Jacksonville (Fla.) Police & Fire Pension Fund (PFPF) has approved a $20 million commitment to Bell Partners Value Add Fund VIII on behalf of its noncore real estate allocation, according to a Nov. 18 board meeting document.

Bell Partners VAF VIII is a closed-end commingled apartment fund managed by Bell Partners, a vertically integrated real estate investment management company focused exclusively on U.S. multifamily investments. The institutional fund manager has acquired around $17.5 billion assets since 2002.

With a $1 billion fundraising target, Bell Partners VAF VIII focuses on the acquisition of higher-grade, mid-to-large-sized apartment communities in growth neighborhoods within major markets, where value can be added through renovations and operational improvements. The vehicle will acquire, redevelop, develop, reposition, manage and dispose of multifamily properties, targeting neighborhoods with attractive supply/demand fundamentals in 14 markets with