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Jun. 7, 2013

Presidio Apartments Becomes Bell Lake Creek after Bell Partners Acquisition

By Anca Gagiuc, Associate Editor

The Austin Presidio Apartments community was recently acquired by investors from Bell Partners Inc. on May 30. The transaction cost has not been made public, but the property—which will stay under the management of Bell Partners—will change its name into Bell Lake Creek. 

The residential complex is located at 10015 Lake Creek Pkwy. in one of the city’s best employment areas next to Austin’s high-tech corridor and main retail centers.

Nickolay Bochilo, vice president of investments at Bell Partners, said: “We are pleased to further our strategy by expanding presence in our core markets—such as Austin, Texas—and focusing on high quality locations with strong supply and demand fundamentals.”

With the acquisition of the Austin apartment community, Bell Partners has invested more than $190 million in residential properties.

Bell Lake Creek totals 250 apartments that range from one- to three- bedroom floor plans, with an average unit size of 964 square feet. The 24-hour fitness facility, the swimming pool with sundeck, the clubroom for residents, and the picnic area equipped with grills are just a few of the community’s amenities.

Founded in 1976, Bell Partners Inc. specializes primarily in acquisition and management of high-quality apartment communities located in the Northeast, Mid-Atlantic, Southeast and Southwest United States. The company offers complex real estate services, with expertise in acquisitions and dispositions, financing, property operations, and all related support functions.

Listed by the National Multi Housing Council as the 7th largest apartment operator in the country, the company has a portfolio of more than 69,000 homes divided in 248 apartment properties valued at approximately $4.4 billion, as well as over 1,700 associates.

Photo credits www.bellapartmentliving.com