Austin, Texas—Bell Partners Inc., has acquired Cielo South Lamar, a Class A, 357-unit community located in Austin, Texas, on behalf of its investors.
The community, which is currently 91 percent occupied, is being renamed Bell South Lamar and will be managed by Bell Partners.
“The property sits on a unique site with low density and a significant amount of outdoor space that is not common in urban Austin. This allows the property to have permanent competitive advantage over other communities along South Lamar,” Nickolay Bochilo, Bell Partners’ senior vice president of investments, told MHN. “Also, the area along South Lamar is experiencing a rapid transformation to a highly desirable, walkable neighborhood with Austin’s character and convenient access to jobs. Over time, we think this neighborhood will become significantly more attractive, which should influence property values.”
Originally constructed in 2015, the property is located on South Lamar Boulevard just minutes from downtown Austin.
“We seek investment opportunities that have a high likelihood of appreciating at a faster pace than the market average,” Bochilo said. “At the same time, we are focused on avoiding high risk situations. We have a strong presence in the Austin market and can bring economies of scale to drive higher operating margins over time.”
The community is comprised of 357 units across seven buildings consisting of a mix of studios, one- and two-bedroom units, plus 30 townhomes. Features include 9’ ceiling heights, modern lighting, designer two-tone cabinetry, granite countertops, full-sized washer and dryer connections, walk-in closets, soaking tubs and walk-in showers and wood-style flooring. Select units also offer private patios or balconies and/or come with full-size washer/dryers.
Property amenities include more than five acres of unencumbered space available for recreation in the form of a large centralized pool area with grilling stations, a pet park, an outdoor yoga area, a lovely resident vegetable garden as well as a state-of-the-art fitness center, a resident lounge and a business center with digital presentation capabilities.
“The property is new and is very attractive from a physical standpoint. Our operations team will continue the first-class management of the property with a strong focus on customer service,” Bochilo said. “We also plan to finish leasing up the retail space, which should increase the property’s value.”
Residents can take advantage of local boutique restaurants and retailer outlets within walking distance. The pet-friendly community also offers direct access to the adjacent Del Curto Park.