Bell Partners Inc. Company Profile

Background

Overview

Established in 1976, Bell Partners Inc. is a privately held, vertically integrated apartment investment and management company headquartered in Greensboro, North Carolina. The company specializes in high-quality multifamily rental communities across the United States, managing approximately 85,000 apartment homes in regions including the San Francisco Bay Area, Southern California, Washington, Texas, Colorado, the Southeast, Washington D.C., and Boston. With over 2,000 associates and nine offices, Bell Partners offers a comprehensive platform encompassing acquisitions, dispositions, construction, financing, property operations, accounting, risk management, and related support functions. The senior management team averages over 20 years of industry experience, having completed over $18 billion in apartment transactions since 2002.

Mission and Vision

Bell Partners' mission is to be the apartment company of choice by creating value and honoring commitments to residents, partners, and associates. The company's purpose is to create communities that residents are proud to call home. This commitment is underpinned by five core values:

• Do the Right Thing Every Time

• Put the Team First

• Serve Somebody!

• Outperform

• Prepare for the Future Today

Key Strategic Focus

Core Objectives and Specialization

Bell Partners focuses on acquiring, repositioning, operating, and selling high-quality multifamily communities. The company's strategic plan emphasizes:

• Resident-Centric Approach: Delivering superior living experiences by understanding customer needs, providing quality products and personal service, and turning ordinary interactions into extraordinary experiences.

• Operational Excellence: Leveraging a vertically integrated platform to achieve economies of scale while maintaining a local market presence.

• Associate Development: Fostering a culture where associates are aligned and inspired to make a difference.

• Sustainable Growth: Outperforming expectations through all phases of the real estate cycle by consistently delivering superior cash flow and investment returns, with a strong emphasis on Environmental, Social, and Governance (ESG) principles.

Primary Markets

Bell Partners operates in carefully selected target regions across the United States, including:

• San Francisco Bay Area

• Southern California

• Washington

• Texas

• Colorado

• Southeast

• Washington D.C.

• Boston

This strategic geographic footprint allows the company to capitalize on market opportunities and deliver value to residents and investors.

Financials and Funding

Investment Management

Since creating its fund platform in 2006, Bell Partners has closed nine funds with total equity commitments of $3.5 billion, launched and substantially invested on behalf of institutional and high-net-worth investors. As of June 2024, the company oversees an investment management portfolio totaling approximately $7.5 billion in gross asset value.

Recent Transactions

• April 2021: Formed an $800 million core multifamily venture with long-standing institutional partners, aiming to acquire over $1.5 billion in assets.

• September 2021: Sold 23 apartment communities for over $1.8 billion, reflecting the company's active portfolio management strategy.

Technological Platform and Innovation

Data Analytics and Research

Bell Partners employs a sophisticated business intelligence group supporting a proprietary data analytics and research platform. This platform provides:

• Advanced Data Analytics: Real-time access to internal and external data.

• Research-Driven Approach: Informed market selection, underwriting, and business planning.

• Market Dashboards: Monitoring changing conditions to adjust business tactics.

• Consumer Insights: Customized leasing techniques based on enhanced consumer knowledge.

• Superior Reporting: Transparent communication and analysis for investors.

Leadership Team

Executive Committee

• Jon D. Bell: Chairman

• Over 31 years of real estate experience.

• Joined Bell Partners in 2001; served as President (2008) and CEO (2016).

• Involved in transactions exceeding $15 billion.

• MBA in Real Estate from the University of North Carolina at Chapel Hill.

• Lili F. Dunn: CEO & President

• 38 years of real estate experience.

• Joined Bell Partners in 2010; became President in 2016 and CEO in 2022.

• Former Managing Director at AvalonBay Communities.

• BBA from the University of Michigan.

• Cindy Clare: Chief Operating Officer

• 40 years of real estate experience.

• Joined Bell Partners in 2017.

• Former President of Kettler Management.

• Degree from the University of Virginia.

• John E. Tomlinson: Chief Financial Officer

• 21 years of real estate experience.

• Joined Bell Partners in 2009.

• Former EVP and Chief Accounting Officer at Colonial Properties Trust.

• MBA from Mississippi State University.

• Nickolay N. Bochilo: Chief Investment Officer

• 24 years of real estate experience.

• Joined Bell Partners in 2001.

• MBA from the Darden School of Business at the University of Virginia.

• Joseph F. Cannon: Chief Investment Management Officer

• 23 years of real estate experience.

• Joined Bell Partners in 2001.

• MBA from the University of North Carolina at Chapel Hill.

• Kate Byford: Chief Administrative Officer

• 21 years of real estate experience.

• Joined Bell Partners in 2024.

• Former Managing Vice President at Capital One.

• MBA from West Virginia University.

Leadership Changes

• March 2022: Jon D. Bell transitioned from CEO to Chairman; Lili F. Dunn succeeded him as CEO.

• July 2024: Kate Byford joined as Chief Administrative Officer; Lisa Tully-Lavian appointed as Senior Vice President, Customer Experience.

• November 2023: Barbat Rodgers appointed as Senior Vice President, Investor Relations; Meghan Burke as Senior Vice President, Partner Solutions.

Competitor Profile

Market Insights and Dynamics

The U.S. multifamily housing market has experienced robust growth, driven by urbanization, demographic shifts, and changing lifestyle preferences. The demand for high-quality rental communities remains strong, presenting opportunities for investment and development.

Competitor Analysis

Bell Partners operates in a competitive landscape alongside several key players:

• UDR, Inc.: A publicly traded real estate investment trust (REIT) focusing on the acquisition, development, and management of residential properties.

• Bozzuto: A privately held real estate services company specializing in property management, development, and construction of multifamily communities.

• Home Properties: A real estate investment trust engaged in the ownership, management, acquisition, and development of residential communities.

Comparative metrics indicate that Bell Partners ranks competitively in product quality, pricing, and customer service among its competitors.