Bell Partners CEO Sees Apartment Investing Opportunity Amid Market Reset

After a period of turbulence, the multifamily housing market is showing signs of renewed strength — and disciplined investors are positioned to benefit, according to Lili Dunn, CEO and president of Bell Partners.

"Multifamily housing investment is entering a window in which improving fundamentals and disciplined investing can generate attractive returns," Dunn told GlobeSt.com.

Her comments come as Bell Partners embarks on a new chapter under its recently announced acquisition by Sun Life and its affiliated investment manager BGO. The $350 million deal combines Bell's 70,000‑unit U.S. multifamily platform with BGO's global real estate business, creating a combined entity with more than $100 billion in assets under management. Bell will operate as a standalone, vertically integrated platform within BGO, retaining its brand and leadership while expanding BGO's U.S. multifamily capabilities.

"This opportunity brings together complementary capabilities and provides global investment scale alongside deep operating expertise, given Bell's 50-year history, oversight of 70,000 apartments, and a $10 billion investment management platform," Dunn said.

She noted that the partnership allows Bell to tap into BGO's global research, data science and sustainability resources to enhance underwriting, asset management and long-term value creation.

In the near term, Dunn expects "steady but measured growth," cautioning that performance varies widely by region, submarket and demographic segment.

"We are experiencing stronger increases in Gateway and urban submarkets and more moderate growth in parts of the Sunbelt that are still absorbing apartment supply," she said.

"Looking out over a longer period, we believe the outlook improves materially, and fundamentals are favorable for long-term apartment investment in the US."

Dunn said Bell has remained active in select markets despite macroeconomic uncertainty, recently acquiring assets in cities including Seattle and Boston.

"Despite ongoing macro uncertainty, the multifamily fundamentals remain resilient," she said.

"Housing demand has moderated due to softening employment, but homeownership affordability is stretched, demographic trends continue to favor rentals, and an overall housing shortage persists. Additionally, new apartment supply has peaked, and construction has slowed meaningfully. At the same time, valuations have reset, and returns are recovering."

Bell's investment approach, Dunn said, remains focused on high-quality, supply‑constrained submarkets that generate durable cash flow through all phases of the cycle. "Typically, our investments range from $50M to $250M, but this is not a rigid range; it will vary based on the merits of the opportunity," she added.

According to Dunn, market conditions are improving, though transaction volume remains low.

"Most investors believe values have bottomed out, credit has stabilized, and new supply has peaked, which is bringing capital back off the sidelines," she said. Even so, Bell continues to deploy capital carefully, given moderating NOI growth and broader economic and policy factors.

Most current deals, she added, are focused in the sub‑$100 million range, concentrated in value-add and core-plus properties with assumable debt and stable rent trends in low-supply markets.

"The sellers today are largely those who must transact, while many long-term owners and developers are waiting for stronger buyers to embrace more risk and stronger cash flows," Dunn said.