Two recent stories about Bell Partners show that the company is not resting on its laurels as it enters 2017. In the first story we learn that Bell rounded out an active 2016 by selling two properties for a total of $100 million:
Greensboro-based Bell Partners Inc. said Wednesday that it completed the sale of two properties in Asheville and Atlanta for a cumulative sale price of more than $100 million in December.
Bell’s sale of the two communities — Biltmore Park in Asheville and Bell Cheshire Bridge in Atlanta, Ga. — bring the total number of transactions made by Bell in 2016 to $1.3 billion. Last year, the company sold 12 properties for $475 million and acquired 12 apartment communities comprised of 3,575 units for $791 million. Bell Partners will retain property management responsibilities for Bell Biltmore Park.
Greensboro-based Bell Partners Inc., one of the nation’s largest apartment investment and management companies, has launched an effort to raise up to $465 million.
According to a Form D filed with the Securities and Exchange Commission, the company has thus far raised $285 million in equity financing from investors for its Bell Institutional Fund VI L.P., with $180 million left to raise. Company officials declined to disclose the reason behind why the firm was raising the funds. Bell Partners in the past has raised equity financing to invest in apartments and senior housing projects…
Bell Partners is raising the financing amid a flurry of recent acquisitions. The company recently completed an acquisition of an Atlanta-area apartment complex in December and two apartment projects in Texas in November.Including those deals, the company eclipsed more than $1.3 billion in transactions in 2016, including both acquisitions and dispositions. The company has completed more than $10 billion of apartment transactions since 2002.