Bell Partners Acquires Apartment Community in Metro Austin Area – Bell Steiner Ranch
GREENSBORO, N.C. — Bell Partners Inc., one of the nation’s leading apartment investment and management companies, announced today that, on behalf of its investors, it has acquired Aria Steiner Ranch, a 302-unit community in Austin, Texas . The community has been renamed Bell Steiner Ranch and will be managed by Bell Partners.
Completed in 2015, Bell Steiner Ranch is located in West Austin overlooking Lake Travis, approximately two miles southwest of sister community, Bell Four Points. Its prime location offers convenient access to both major employers and local retail centers. At the time of purchase, the property was 93 percent occupied and 96 percent leased.
The community consists of twenty-two three or four-story garden-style buildings and over 600 resident parking spaces. The spacious one, two and three bedroom floor plans average 1,080 square feet and feature 9’ ceilings. The kitchens have quartz countertops, islands with overhangs for seating, European-style cabinetry, and GE Stainless Energy Star appliances. All units have plank flooring in living, kitchen and dining areas, patios or balconies, and full-size washers/dryers. Bathrooms include floating vanities with garden soaking tubs and LED lighting.
The property enjoys expansive views of Lake Travis and the Austin Hill Country. Resident amenities include a clubhouse with 20’ ceiling, a high-end kitchen, a Starbucks® coffee bar, a Full Swing golf simulator, and a large fitness facility. There is also a modern game room, a media room, a digital café with lounge seating, and a conference room. Exterior amenities include a resort-style pool, a waterfall fed lap pool, a covered poolside outdoor kitchen with stainless steel grills, a bocce ball court, and a fenced “bark park” for pets.
Nickolay Bochilo, Senior Vice President, Investments, said: “We are pleased to add this distinctive community to our Texas portfolio. Bell Steiner Ranch was designed with market-leading interior and common area features typically found in the for-sale condo segment. This investment reflects Bell’s continued strategy to acquire high-quality, lower risk assets in desirable areas with barriers to new apartment supply.”
The purchase of Bell Steiner Ranch is the eleventh multifamily acquisition for Bell in 2016 and is the 34th apartment community in the Company’s Texas portfolio. In 2015, Bell completed $1.47 billion in total apartment transactions.
About Bell Partners Inc.
Established in 1976, Bell Partners Inc. (“Bell Partners” or the “Company”) is a privately held, vertically integrated apartment investment and management company focused on high-quality multifamily communities throughout the United States. With over 60,000 units under management, Bell Partners is the 11th largest apartment operator and 7th largest apartment renovator in the United States (according to The National Multi-Housing Council and MultiFamily Executive Magazine, respectively). The Company has over 1,600 associates and 7 offices (including its headquarters in Greensboro, NC) and offers an extensive and full service operating platform containing expertise in acquisitions and dispositions, financing, property operations, accounting, risk management and all other related support functions. Bell Partners is led by a senior management team with an average of over 20 years of experience that has invested throughout all phases of the real estate cycle and has helped the Company complete over $10 billion of apartment transactions since 2002, including $670 million of acquisitions and $800 million of dispositions in 2015. For more information, visit our website at www.bellpartnersinc.com.