Bell Partners Purchases 2 Austin Assets
- Jun 08, 2021
Bell Partners Inc. is expanding its Austin holdings with the purchase of two adjacent apartment properties with a total of 619 units on behalf of the firm’s Fund VII investors.
The multifamily investment and management company will merge operations of Lenox Springs and Lenox Meadows with its existing Bell Southpark property and create a 949-unit community.
Bell Partners declined to release sales price of the two properties or the sellers’ name. But the properties were both developed and owned by Oden Hughes, an Austin-based multifamily development, construction and investment firm, according to Yardi Matrix data. Last week, the firm changed its name to OHT Partners LLC to better reflect its evolution from a boutique luxury multifamily developer with an in-house construction team to a leading Texas multifamily developer consistently ranked as one of the nation’s largest multifamily builders, according to the company.
The firm completed Lenox Springs, a 400-unit community located at 10500 S. Interstate 35, in 2018. The 219-unit Lenox Meadows, located at 10300 S. Interstate 35, was completed this year.
Bell Southpark, which is adjacent to Lenox Springs and Lenox Meadows, was acquired by Bell Partners in June 2019 from Daniel Corp. The 18-acre property, then known as Brezza, has 330 units and was completed in 2018.
Nickolay Bochilo, executive vice president of investments at Bell Partners, said in a prepared statement the company plans to create additional value by combining property operations of the three adjacent properties to enhance the living experiences of current and future residents. Bochilo noted Bell Partners has a sizable portfolio of assets in the fast-growing region—at least nine including Bell Southpark are listed on its website. He said the company will be able to leverage its local knowledge to “inform additional investments.”
The three multifamily properties are located less than 10 miles south of downtown Austin, providing convenient access to major employers including tech giants like Apple, Dell, Google and IBM. Tesla is opening an assembly plant in the area that will create an estimated 5,000 jobs.
Bell Southpark is within walking distance to Southpark Meadows shopping center with more than 100 retailers, restaurants and services. The community is also in walking distance to a 344-acre public park with fishing, sports fields, playgrounds and 6 miles of hiking trails.
The multifamily properties have resort-style pools, grills and fireplace features, fitness and wellness studios and available green space. Interior features include washers and dryers in all units, vaulted ceilings and above-average ceiling heights.
Lenox Springs, a 15-building, 19.4-acre property, has one-, two- and three-bedroom units ranging in size from 587 square feet to 1,704 square feet with rents ranging from $1,138 to $2,450 with an average of $1,372, according to Yardi Matrix. Lenox Meadows, a nine-building, 15.62-acre property, has one-, two- and three-bedroom units ranging in size from 618 square feet to 1,381 square feet, Yardi Matrix reported. Rents were projected to range from $1,142 to $2,179.