Bell Partners Acquires the Lenox Boardwalk in Austin, Texas
Property marks Bell Partners’ second Texas acquisition of the month and fourth of 2021
GREENSBORO, N.C. – Aug 26, 2021 – Bell Partners Inc. 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 running and biking trail system around Lady Bird Lake, providing walkable access to the 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 in Dallas on behalf of Bell Core Fund I.
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 approximately 70,000 units under management, Bell Partners is one of the largest apartment operators and renovators in the United States. The Company has over 1,600 associates and ten offices (including its headquarters in Greensboro, N.C.) and offers an extensive and full-service platform containing expertise in acquisitions and dispositions, construction, 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 $16 billion of apartment transactions since 2002, including over $1.2 billion in 2020 transactions. The Company has completed approximately $1 billion in transactions in 2021. For more information, visit our website at www.bellpartnersinc.com.
Prosek Partners for Bell Partners Inc.