P.B. Bell
Multifamily Fund, LP
A $125 million private real estate fund targeting the acquisition of Class A and B multifamily assets in Arizona’s Phoenix MSA, backed by 50 years of vertically integrated operational expertise and a 34% weighted average net IRR on realized investments.
Fund at a Glance
Years in Arizona
Units Developed
Units Acquired
Units Under Mgmt.
Weighted Avg. Net IRR
Fund Overview
Built on 50 Years of Multifamily Excellence
P.B. Bell Multifamily Fund, LP is seeking $125 million in capital commitments to acquire and manage Class A and B multifamily real estate assets located in Arizona, primarily in the Phoenix metropolitan area.
The Fund is managed by P.B. Bell Multifamily Real Estate Fund GP LLC, an affiliate of Bell Residential Group, LLC, a vertically integrated real estate investment company founded in 1976 and headquartered in Scottsdale, Arizona. P.B. Bell is 100% privately held and controlled by senior employees or their affiliates.
As of April 2026, P.B. Bell has owned or managed over 50,000 multifamily units across Arizona, with an aggregate acquisition volume exceeding $1.4 billion. The team currently manages over 6,500 units with communities located in Phoenix, Scottsdale, Gilbert, Glendale, Chandler, Mesa, Buckeye, Laveen, Cottonwood, and Prescott Valley.
This Fund represents a shift from P.B. Bell’s historical joint venture approach to a blind pooled, multiple-investment fund structure, giving investors diversified exposure to institutional-quality multifamily assets managed by Arizona’s preeminent operator.
Key Fund Terms
Investment Strategy
Good Asset, Bad Balance Sheet
The Fund targets multifamily assets from undercapitalized or distressed owners that can be acquired at a discount, then applies P.B. Bell’s vertically integrated operations to maximize value.
With deep broker and lender networks built over 50 years, the team accesses under-the-radar, off-market opportunities from operators facing stressed balance sheets, inability to refinance, or inflated acquisition costs from the recent cycle.
P.B. Bell handles every aspect in-house, development, acquisition, construction, property management, and disposition, eliminating the need for local operating partners and the indirect double-promote that comes with them.
Using proprietary data from its in-house management arm and GC affiliate, P.B. Bell underwrites conservatively with real-time market intelligence, giving investors confidence in projections grounded in actual operating performance.
Over 2,200 unit renovations completed at a cost of more than $14 million in unit improvements, plus over $10 million in exterior and amenity upgrades, resulting in monthly rent premiums of $100–$250 per unit.
P.B. Bell knows every city and town within the Phoenix MSA. Every development and property management plan is tailored to its specific location and community, no cookie-cutter approach.
Targeted 4–6 year holds with quarterly portfolio reviews evaluating disposition candidates. The Fund considers individual asset sales, portfolio dispositions, and recapitalizations to optimize timing and maximize returns.
Acquisition Criteria
What We're Looking For
The Fund focuses on multifamily assets with clear value creation opportunities, identifying situations where strong real estate is trapped in a bad capital structure.
Owners unable to refinance existing debt due to increased interest rates, creating forced sellers at discounted valuations.
Sponsors who lack the resources to complete business plans or fund necessary capital expenditures.
Assets available at valuations below what it would cost to build new, creating immediate embedded value.
Properties acquired during peak markets with inflated bases, now available at realistic pricing.
Assets where suboptimal management has left NOI well below market potential, creating operational upside.
Communities with occupancy issues driven by poor management or deferred maintenance, not demand.
Realized Track Record
Proven Track Record Since 1976
The track record below includes all realized gains for P.B. Bell acquisitions since 2011, totaling over 4,394 multifamily units.
$491M Returned to Investors
From $319 million in total capital contributions, P.B. Bell has distributed $491 million to investors across its realized acquisition portfolio, demonstrating the team’s ability to consistently identify, operate, and exit multifamily assets at exceptional returns.
The team’s 89% third-party management book further demonstrates the market’s confidence in P.B. Bell’s operational capabilitie
Weighted Avg. Net IRR
Weighted Avg. Equity Multiple
Average Hold Period
Total Distributions
Value-Add Execution
Renovation Track Record
Unit renovations completed at a cost of more than $14 million in unit improvements
Monthly rent premiums achieved on completed renovations per unit
Invested in exterior and amenity improvements across the portfolio
Leadership
Here, the talent runs deep
P.B. Bell’s leadership team brings decades of institutional-caliber experience across acquisitions, operations, development, and finance.
Chief Executive Officer
Oversees all divisions including development, investments, acquisition, asset management and operations. 25+ years of legal expertise in commercial finance and real estate.
EVP, Investments
Dynamic real estate executive with institutional experience at LivCor (Blackstone), Greystar, and Avenue5. Scaled Avenue5 from 7,000 to 65,000+ units.
Chief Property Officer
Oversees all property management functions with 20+ years of multifamily management experience in the Phoenix MSA. Grew third-party management to 6,000+ units.
Chief HR Officer
30+ years of HR experience spanning multifamily, hospitality, and construction. SPHR certified. Drives retention and culture across the organization.
VP, Development & Construction
25+ years in residential development and construction with extensive relationships across contractors, architects, engineers, and governmental officials.
VP, Property Services
Oversees 140+ on-site personnel with 22+ years in multifamily operations. Previously Regional VP at RPM Living. Expert in operational efficiency and NOI growth.
VP, Accounting
14 years of accounting experience including 10 years in real estate. Manages accounting operations, internal controls, audits, and tax coordination across all assets.
Eligibility
Investor Qualifications
Who Can Invest?
The Fund accepts capital commitments from accredited investors as defined in Regulation D under the Securities Act.
Annual income of at least $200,000 individually (or $300,000 jointly) in each of the past two years, with reasonable expectation of the same.
Individual or joint net worth exceeding $1,000,000, excluding the value of a primary residence.
Holders of a valid Series 7, Series 65, or Series 82 license, or other qualifying professional credentials.
Individuals or family-owned businesses owning $5 million or more in investments, not including a primary residence.
Transparency
Investor Reporting
We believe passive investing should be as transparent as direct investing. Our reporting keeps investors informed on what we do, how we do it, and how investments are performing.
Quarterly Financial Statements
Unaudited financial statements delivered within 60 days of each quarter-end for the first three quarters, with annual audited financials within 120 days of year-end.
Tax Documents
U.S. federal income tax estimates provided within 120 days of year-end, with final K-1s delivered by the applicable deadline including all extensions.
Full Portfolio Visibility
Monthly operational reports including cash flow forecasts, variance reports, income statements, delinquency reports, bank reconciliations, and leasing updates.
Questions
Frequently Asked Questions
The minimum capital commitment is $250,000, subject to the General Partner’s discretion to accept a lesser amount.
The Investment Period runs two years after the Final Closing, subject to a one-year extension with Advisory Committee approval.
Yes. The General Partner intends to provide co-investment opportunities when the Fund does not have sufficient capital for a given investment. Priority is given to non-defaulting partners with commitments of at least $10 million.
The Fund charges a 1.5% annual Investment Management Fee on aggregate capital contributions. At the portfolio company level, an acquisition fee of up to 1.5% of purchase price and a property management fee of up to 2.5% of gross revenues apply. There is no disposition fee or asset management fee.
The General Partner limits leverage to 65% of the aggregate stabilized value of Fund properties. This is based on good faith projections at the time of acquisition.
Yes. Investors may participate through LLCs, trusts, self-directed IRAs, and other qualifying entities.
Yes. Upon liquidation, the General Partner is required to return distributions received as Carried Interest, net of taxes, to the extent that Limited Partners have not received their Preferred Return plus return of capital contributions.
Click Request the PPM to receive the full offering package, including the Private Placement Memorandum, Limited Partnership Agreement, and Subscription Documents. Our team will walk you through every step.
Get Started
Ready to Invest with P.B. Bell?
Request our confidential Private Placement Memorandum, schedule a call with our investor relations team, or reach out with any questions.
Confidentiality & Legal Disclaimers: This page is provided for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. All such offers or solicitations will only be made to qualified persons pursuant to a private placement memorandum and the information contained herein is qualified in its entirety by the private placement memorandum, copies of which will be available upon request and should be carefully reviewed in its entirety before making any decision to invest in the Fund. This page contains prior investment results from affiliates of the Fund, which are provided for illustrative purposes only and are not indicative of future results. Past performance is not indicative of future results, and there can be no assurance that the Fund’s investments will perform as well as the prior investments identified herein. No representation or warranty is made as to future performance or any forward-looking statements or projections. None of the information contained herein has been or will be filed with the Securities and Exchange Commission, any securities administrator under any state securities laws, or any other governmental or self-regulatory authority. © 2026 P.B. Bell. All rights reserved.