Source: Bell Partners
AUSTIN, TX - Bell Partners Inc., one of the nation's leading apartment investment and management companies, has acquired Lenox Boardwalk, a 339-unit apartment community in Austin, Texas. The property, purchased on behalf of the firm's Bell Core Fund I investors, will be renamed Bell Lakeshore and represents Bell Partners' fourth acquisition in Texas in 2021 as the firm continues its expansion in the central and western U.S.
Located two miles from Austin's central business district, Bell Lakeshore offers residents convenient access to leading employers in the area. The property is adjacent to Oracle's 40-acre campus, which recently became the company's new headquarters, hosting up to 10,000 employees. Continued job growth is expected in the area with several planned office developments.
In addition to job proximity, Bell Lakeshore gives residents close access to popular recreation destinations. The property is within walking distance of a running and biking trail system around Lady Bird Lake, providing walkable access to downtown as well as Austin's cultural center of South Congress.
"We are thrilled to expand our Austin portfolio with the acquisition of Bell Lakeshore," said Nickolay Bochilo, EVP of Investments at Bell Partners. "Our investment in Bell Lakeshore reflects our belief in the continued increase of high-quality jobs in Austin and the corresponding demand for quality housing. We seek investment opportunities in growth markets with favorable supply and demand characteristics, leading to stable growth over time and limited downside risk."
Built in 2018, Bell Lakeshore's amenities include a two-story fitness center, resort and lap pools and resident courtyards. The property also features 498 parking spaces.
Bell Lakeshore adds to Bell's growing Texas portfolio. The firm recently announced the acquisition of two Austin properties on behalf of Bell Fund VII to create the 949-unit Bell Southpark, as well as the acquisition of the 435-unit Bell CityLine Dallas on behalf of Bell Core Fund I.