Bell Partners Acquires Two Austin Properties to Create 949 Unit Multifamily Community
Bell acquires Lenox Springs and Lenox Meadows, merges operations with Bell Southpark
GREENSBORO, N.C. – June 2, 2021 – Bell Partners Inc., one of the nation’s leading apartment investment and management companies, has acquired Lenox Springs and Lenox Meadows, two adjacent properties in Austin, Texas, comprising a combined 619 units. The properties, acquired on behalf of the firm’s Fund VII investors, will be operated with the existing Bell Southpark community to create a three-phase, 949-unit multifamily community.
All three communities are adjacent to each other and are located less than 10 miles south of downtown Austin, providing convenient access to Austin’s major employment. In recent years, Austin has attracted several major technology employers, earning the moniker Silicon Hills. The area serves as an employee base for companies such as Apple, Dell, IBM and Google. In addition, Tesla is opening an assembly plant in the area that will create an estimated 5,000 jobs.
The property is within walking distance to Southpark Meadows shopping center, featuring more than 100 retailers, restaurants, and services. Additionally, the community is within a walking distance of a 344-acre public park which includes fishing access, sports fields, playground equipment and six miles of hiking trails.
“Austin is one of the fastest growing regions in the country and will likely benefit from job and migration trends for years to come. Bell owns and operates a sizable portfolio of assets in this market and is able to leverage its local knowledge to inform additional investments” said Nickolay Bochilo, EVP of Investments at Bell Partners. “As with other Bell Fund VII investments, our plan for Bell Southpark is to create additional value by combining property operations, thus enhancing living experience for current and future residents.”
The phased community features modern, new-development amenities: Lenox Springs and Lenox Meadows were built in 2018 and 2021, respectively, and Bell Southpark was built in 2018. The property features resort-style pools, grills and fireplace features, fitness and wellness studios, and available green space.
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 approximately 63,000 units under management, Bell Partners is one of the largest apartment operators and renovators in the United States. The Company has over 1,500 associates and ten offices (including its headquarters in Greensboro, N.C.) and offers an extensive and full-service platform containing expertise in acquisitions and dispositions, construction, 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 $16 billion of apartment transactions since 2002, including over $1.2 billion in 2020 transactions. The Company has completed approximately $750 million in transactions in 2021. For more information, visit our website at www.bellpartnersinc.com.
Contact:
John Perilli
Prosek Partners for Bell Partners Inc.
(401) 316-3375
jperilli@prosek.com