Bell Partners has acquired two adjacent apartment communities—Lenox Springs and Lenox Meadows—in Austin, Texas. Acquired on behalf of the firm’s Fund VII investors, the properties, which are comprised of 619 units, will be operated with the existing Bell Southpark to create a three-phase, 949-unit multifamily community.
All three communities are adjacent to one another and are less than 10 miles from downtown Austin, providing access to major employment. The area, known as Silicon Hills, serves as an employee base for companies like Apple, Dell, IBM, and Google. In addition, Tesla is opening an assembly plant that will create an estimated 5,000 jobs.
The combined community also is within walking distance of retailers, restaurants, and services as well as a 344-acre public park with fishing access, sports fields, playgrounds, and hiking trails.
“Austin is one of the fastest-growing regions in the country and will likely benefit from job and migration trends 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, executive vice president of investments at the Greensboro, North Carolina investment and management company. “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.”
Lenox Springs and Lenox Meadows were built in 2018 and 2021, respectively, and Bell Southpark was built in 2018. The community features modern amenities, including resort-style pools, grills and fireplace features, fitness and wellness studios, and green space.
Bell Partners, which has approximately 63,000 multifamily units under management, has completed approximately $750 million in transactions in 2021.
