Bell Partners Plans to Combine Operations With Lenox Buys

Bell Partners Inc. recently acquired Lenox Springs and Lenox Meadows, two adjacent properties in Austin 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 an adjacent three-phase 949-unit multifamily community.

All three communities are located less than 10 miles south of downtown Austin. In recent years, Austin has attracted several major technology employers 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 of a 344-acre public park as well as Southpark Meadows shopping center featuring more than 100 retailers, restaurants and services.

“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.”

Lenox Springs and Lenox Meadows were built in 2018 and 2021, respectively, and Bell Southpark was built in 2018.