New Mexico SIC mulls $100m re-up in Bell Value-Add Fund VIII

The New Mexico State Investment Council (NMSIC) is considering a re-up commitment of up to $100 million to Bell Value-Add Fund VIII, a closed-end commingled apartment fund managed by Bell.

With a $1 billion fundraising target, Bell Value-Add Fund 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 fund will target neighborhoods with attractive supply/demand fundamentals in 14 markets with population and employment growth well in excess of the national average.

The proposed commitment would be NMSIC’s second to the fund series, following an initial allocation made to Fund VII.