2026 Multifamily Leadership Series: Lili Dunn, Bell Partners

The fourth year of Connect CRE’s annual Leadership Series focuses on the apartment sector. We invited 18 multifamily heavyweights to provide their unfiltered views of the current market, its challenges and opportunities. The insights of these power players have been collected in a downloadable report, and we’re also presenting them individually, in alphabetical order. Here, Lili Dunn, President and CEO of Bell Partners, Inc., provides insights.

Are the markets and products you’re investing in and developing changing? 

Yes, but it’s more evolution than a fundamental shift. We remain focused on high-quality assets in supply-constrained submarkets that deliver durable cash flow through a full cycle. What’s changed is the level of selectivity and granularity. We’re much more focused on specific submarkets given wide performance divergence. We’re carefully selecting opportunities to ensure we secure the appropriate risk-adjusted return and create long-term value. 

On the product side, renter expectations have reset. Features like tech-enabled access, connectivity, and functional layouts are now baseline, not differentiators. Ultimately, we lean into quality, discipline, and local insight. 

Has the debt market changed compared to a year ago, and if so, how? 

The market is more functional today, but still cautious. Liquidity has improved, and there are multiple active lenders, with the Agencies continuing to be the most competitive source of capital. At the same time, interest rate volatility remains a key constraint, and lenders are more conservative on leverage and pricing. 

Capital is available from agencies, banks, life companies, and debt funds, but execution depends heavily on asset quality, sponsorship, and business plan clarity. Overall, we’re seeing a more normalized lending environment than a year ago, but one where structuring discipline and downside protection are critical. 

How are immigration raids impacting your business? 

The impact shows up in both demand and labor dynamics. Immigrants represent a meaningful share of renter households, and immigration is down materially year-over-year in many markets. This creates a near-term headwind to apartment demand and household formation. 

At the same time, immigration enforcement tightens labor supply across industries, including construction and property operations, which can increase costs and affect timelines. This is a broad-based effect across markets, not isolated to traditional gateway cities. We’re factoring both demand and cost implications into our underwriting and operating strategies. 

Will we see an increase or decrease in rent prices this year? 

We expect modest, uneven rent growth overall. Our internal assumptions are in the roughly 2%-4% range, but performance will vary significantly by market and submarket. Gateway and urban markets with limited new supply are showing stronger rent momentum, while parts of the Sunbelt remain softer as they continue to absorb elevated deliveries. 

We’re in a transition period. New supply has peaked and construction is slowing, which should support improving rent growth over time. The near-term story is measured growth, with a more positive outlook as supply pressures ease, employment growth resumes, and consumer sentiment stabilizes. 

Lower-income households spend more of their income on paying rent. Where does a solution lie? 

There’s no single solution. It requires both increasing supply and supporting affordability directly. The U.S. faces a structural housing shortage, and restrictive zoning, high construction costs, and labor challenges limit new development. 

From an industry perspective, we can help by preserving affordable housing and supporting mixed-income communities. We also accept housing vouchers and invest in properties with affordability components. Policy solutions such as expanding supply, streamlining permitting, and enhancing direct assistance to renters are essential. It’s a shared responsibility across the public and private sectors. 

Give your young self some advice. 

Be curious, stay resilient, and embrace change. Focus on people and relationships early—they’ll shape your career. This business is cyclical; you you won’t always see changes coming, so adaptability and a long-term perspective are critical. 

Be willing to take thoughtful risks, work hard, and differentiate yourself through initiative and impact. Protect your integrity—your reputation compounds over a lifetime. And finally, find purpose in what you do. Real estate is personal; we’re creating homes and communities, and that responsibility should guide how you lead and make decisions. 

Bell Partners Inc. is a privately held, vertically integrated apartment investment and management firm that manages roughly 70,000 apartment homes across the U.S. The Greensboro, NC-based company has completed nearly $12 billion in realized transactions since 2002.

Click here to read the series.