Bell Partners Acquires Apartment Community in Austin, Texas
GREENSBORO, N.C. — Bell Partners Inc., one of the nation’s leading apartment investment and management companies, announced today that, on behalf of its investors, it has acquired Escape at Four Points, a 344-unit apartment community in Austin, Texas. The community has been renamed Bell Four Points and will be managed by Bell Partners.
Bell Four Points is located in the western suburb of Austin near Lake Travis, Balcones Canyonland Preserve and Lake Austin. The community provides residents with both scenic tranquility and convenient access to Austin employers, and lifestyle amenities in the downtown and Domain areas via route 2222, and highways 620 and 360. 2222. The property has been in lease up and is nearing stabilization.
The community was built in 2014 and is comprised of 1, 2 and 3 bedroom homes with a mix of 11 floor plans. Units feature large entry closets, 9′ ceilings with brushed nickel lighting package, 2” wood-style blinds, granite kitchen countertops, pendant lighting, custom wood kitchen cabinetry, spacious pantries, large walk-in closets, wood-style flooring throughout the kitchen and living spaces as well as exterior patio/balconies.
Additionally, select units offer residents stainless steel appliance packages, designer hardware and subway tiled kitchen backsplashes, separate dining areas, built-in computer desks, master baths with double sinks, oval-shaped garden tubs and separate walk-in showers plus full-size washers and dryers.
Property amenities include lush landscaping surrounded by expansive natural open areas, a resident retreat with a lounge area, coffee bar and covered outdoor living space, and a business center with computers, printers and a conference room. The community provides wireless, high speed internet throughout the club and pool, an entertainment kitchen and a game room with billiards and shuffleboard. There is also a resort-style pool with an expansive deck and in-water tanning ledges, an alfresco grilling area and an outdoor seating area with a fireplace plus a state-of-the-art fitness center overlooking the pool with cardio and strength training equipment as well as a variety of garages and reserved covered parking.
Nickolay Bochilo, Senior Vice President of Investments, said: “We are pleased to add another Austin investment to our established portfolio in the market. This asset represents a continuation of the Bell investment strategy in seeking opportunities that provide an attractive risk adjusted return and whereby the company can utilize its platform to enhance operating performance. “
The purchase of Bell Four Points is the second multifamily acquisition for Bell in 2016 and is the tenth apartment community in the Bell Austin portfolio. In 2015, Bell completed $1.47 billion in total apartment transactions.
About Bell Partners Inc.
Established in 1976, Bell Partners Inc. (“Bell Partners” or the “Company”) is a privately held, vertically integrated apartment investment and management company focused on high-quality multifamily communities throughout the United States. With over 60,000 units under management, Bell Partners is the 11th largest apartment operator and 7th largest apartment renovator in the United States (according to The National Multi-Housing Council and MultiFamily Executive Magazine, respectively). The Company has nearly 1,600 associates and 7 offices (including its headquarters in Greensboro, NC) and offers an extensive and full service operating platform containing expertise in acquisitions and dispositions, financing, property operations, accounting, risk management and all other related support functions. Bell Partners is led by a senior management team with an average of over 20 years of experience that has invested throughout all phases of the real estate cycle and has helped the Company complete over $10 billion of apartment transactions since 2002, including $670 million of acquisitions and $800 million of dispositions in 2015. For more information, visit our website at www.bellpartnersinc.com.
CONTACTS:
Kevin Thompson
Phone: 336.232.1993
Email: bkthompson@bellpartnersinc.com
Laurenn Wolpoff
Phone: 917.518.9011
Email: lwolpoff@prosek.com