AUSTIN, TX – Bell Partners, one of the country's leading residential investment and management companies, has acquired Lenox Springs and Lenox Meadows, two neighboring properties in Austin, Texas that comprise 619 units. The properties, acquired on behalf of the Company's Fund VII investors, will be operated in conjunction with the existing Bell Southpark community to create a three-phase, multi-family property of 949 units.
All three communities are contiguous and less than 10 miles south of downtown Austin, providing convenient access to some of Austin's major workplaces. In the past few years, Austin has attracted several major tech employers and earned the nickname Silicon Hills. The area serves as an employee base for companies such as Apple, Dell, IBM and Google. Tesla is also opening an assembly plant in the area that is estimated to create 5,000 jobs.
The property is within walking distance of Southpark Meadows Shopping Center, which has more than 100 retailers, restaurants and services. Additionally, the community is within walking distance of a 344-acre public park that includes fishing, sports fields, play equipment and ten kilometers of hiking trails.
"Austin is one of the fastest growing regions in the country and is likely to benefit from employment and migration trends in the years to come. Bell owns and operates a significant portfolio of assets in this market and can use its local knowledge to make 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 add value by combining its real estate operations to improve the living experience for current and future residents."
The tiered community features modern, newly developed amenities: Lenox Springs and Lenox Meadows were built in 2018 and 2021, respectively, and Bell Southpark was built in 2018. The property has resort-style pools, grills, and fireplaces, fitness and spa studios, and available green spaces.
Source: Bell partner