GREENSBORO, NC – Bell Partners, one of the nation’s leading apartment investment and management companies, announced that it has formed an $800 million core multifamily venture with long-standing institutional partners that, with leverage, intends to buy over $1.5 billion of assets. Initial capital commitments for the venture were made on March 26 and were anchored by partners from prior investment vehicles sponsored by Bell Partners.
The venture will buy well-located, lower risk, high-quality multifamily properties in favorable submarkets across the U.S. that can generate consistent cash flow with strong appreciation over a long-term investment horizon.
“We pride ourselves on our relationships and deep commitment to outperforming for our investors,” said Lili Dunn, President of Bell Partners. “This venture is a part of Bell Partners’ strategic plot to further our product offering for our institutional partners and deepen our presence within our target markets with complementary vehicles.”
Bell Partners has been recognized for its extensive experience and strong track record in the apartment sector. As of December 2020, the Company oversees an investment management portfolio totaling approximately $5.1 billion in yucky asset value. Preqin’s Global Real Estate Report has rated Bell Partners as one of the most consistently top-performing real estate private equity firms globally every year since 2014.

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HAMILTON, NJ – Total construction starts rose 2% in March to a seasonally adjusted annual rate of $825.3 billion, according to Dodge Data & Analytics. A solid gain in nonresidential building starts fueled the March gain, while growth in residential starts was minuscule and nonbuilding starts fell outright. The Dodge Index rose 2% in March, to 175 (2000=100) from February s 172.
The March increase in construction starts is certainly welcome news following the past three months of decline, said Richard Branch, Chief Economist for Dodge Data & Analytics. Construction will continue to improve as the year moves on. But, just as the pandemic is beginning to loosen its grip on the economy, logistical problems and the rapid escalation in material prices have stepped in as the primary risk to the construction sector. These issues may restrain opportunity in the coming months, causing the sector s recovery to lag that of the overall economy.
Below is the full breakdown across nonbuilding, nonresidential, and residential construction:
Nonbuilding construction starts fell 7% in March to a seasonally adjusted annual rate of $186.7 billion, following a sizeable gain in February. Miscellaneous nonbuilding sector (-43%) and environmental public works (-11%) led the decline, whereas the utility gas plant and highway and bridge categories rose 39% and 2% respectively.
For the 12 months ending March 2021, total nonbuilding starts were 10% lower than the 12 months ending March 2020. Highway and bridge starts were 3% higher on a 12-month rolling sum basis, while environmental public works were up 8%. Miscellaneous nonbuilding fell 19% and utility/gas plant starts were down 36% for the 12 months ending March 2021.
The largest nonbuilding projects to break ground in March were the $1.2 billion (1.1 GW) Sanborn Solar Facility in Mojave CA, the $525 million Azure Sky (350 MW) wind farm in Throckmorton TX, and the $425 million Double E Pipeline, a 135-mile pipeline between Eddy County NM and Waha TX.
Nonresidential building starts rose 13% in March to a seasonally adjusted annual rate of $235.3 billion. Institutional building starts rose 15% during the month fueled by gains in education, recreation, and public buildings. Commercial building starts increased 11% thanks to healthy gains across all commercial sectors. Manufacturing starts, meanwhile, lost 52% in March after strong levels during the previous two months.
For the 12 months ending March 2021, nonresidential building starts dropped 28% compared to the 12 months ending March 2020. Commercial starts declined 30%, institutional starts were down 20%, and manufacturing starts slid 56% in the 12 months ending March 2021.
The largest nonresidential building projects to break ground in March were a $306 million Amazon, Inc. warehouse in Maspeth NY, the $300 million Ball Corp. Aluminum Can factory in Pittson PA, and the $288 million TCCD Northwest Campus Redevelopment in Arlington TX.
Residential building starts increased by less than one percent in March to a seasonally adjusted annual rate of $403.3 billion. Multifamily starts rose by a brisk 33%, while single family starts slipped 9% lower.
For the 12 months ending March 2021, total residential starts were 6% higher than the 12 months ending March 2020. Single family starts gained 14%, while multifamily starts were down 14% on a 12-month sum basis.
The largest multifamily structures to break ground in March were the $329 million 1629 Market Street mixed-use project in San Francisco CA, the $287 million Schuylkill Yards West Tower in Philadelphia PA, and the $242 million National Urban League mixed-use building in New York NY.
Regionally, March s starts rose in the West, South Central, and Northeast regions, but fell in the Midwest and South Atlantic regions.

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NORTH PORT, FL – Kittle Property Group announced the grand opening of the Flats at Sundown Apartments, a new $45 million apartment community located in North Port, Florida. This 224-unit development offers one-, two-, and three-bedroom floorplans to provide work force housing to a growing area that is in need of additional housing stock. All apartment homes will be available for lease by the summer of 2021.
The Flats at Sundown is located in the heart of North Port at 1280 Sun Market Place, near the intersection of Price Boulevard and Toledo Blade Boulevard. This desirable location offers convenient access to Interstate 95, the Gasparilla Sound, several retail centers, as well as being just 10 miles from the new Atlanta Courageous spring training facility, Cool Today Park, and Port Charlotte Beach Park.
“We are very excited to bring a gorgeous new housing opportunity to the residents of Sarasota County,” said Jeffrey Kittle, President & CEO of Kittle Property Group. “We know the area is growing and that additional housing choices are needed to serve those living and working in the area. We look forward to exceeding the needs and wants of our future residents!”
This community will have eight-buildings with several floor plot options ranging in size from 719 to 1236 sq. ft. Each feature-rich apartment home will include high-end finishes such as a full-size washer and dryer, faux wood plank flooring and carpeting in bedrooms and living room, black appliances, high-end counter tops, 9-foot ceilings with fans, arched doorways and a patio or balcony. Community amenities include a luxurious clubhouse with a resort-style swimming pool with wading area, a fitness facility, an entertainment area with Wi-Fi access, playground, and a grilling/picnic area. The Flats at Sundown is a pet-friendly community and will have a paw spa and a bark park for our furry residents.
This Flats at Sundown is the first development in the Southwest Florida market for Kittle Property Group. Construction started on the property in 2019 with several units go-in ready in late 2020. The entire eight-building complex will be ready to lease by summer and the team at The Flats at Sundown is currently scheduling tours.

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