AUSTIN, TX - Bell Partners, 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.