Exclusive Photo! Sandra Bullock's Happy Life with Boyfriend Bryan Randall

Happiness sure does look good on Sandra Bullock.

Bullock was all smiles as she shared a cozy moment with her boyfriend, Bryan Randall. The two looked blissful as they walked arm-and-arm in L.A. on Oct. 1.

The Oscar winner, 51, and the model-photographer, 49, made headlines when they were first spotted together earlier this summer, and despite rumors, a source tells PEOPLE that they are not living together or engaged. The two are simply enjoying getting to know each other and have been "happily dating" since June.

"They started dating after Bryan photographed [Bullock's son] Louis for his graduation," adds the source in this week's issue.

Randall is perfectly fine with being the number two man in Bullock's life. The father of a daughter, he "respects that her main priority is Louis; he's a parent himself. There is no co-parenting involved," says the source.

There has been no comment regarding rumors that Bullock has adopted again.

The couple had a busy summer jetting between Los Angeles and Bullock's home in Austin, Texas, meeting up with their A-list friends for a few double dates and parties along the way.

Jennifer Aniston and Justin Theroux joined Bullock and her new beau for a star-studded double date at Bullock's Bess Bistro.

"It was a nice intimate setting and the couples were cozy," an onlooker told PEOPLE. "They seemed to know each other very well, and seemed quite close.

Randall also accompanied Bullock to Aniston and Theroux's surprise backyard wedding in August, and the foursome spent the Fourth of July celebrating together in Austin.

"Jen and Sandra are great friends now. Jen's very happy that Sandra is dating," a source told PEOPLE.

Aniston isn't the only who can't help but notice how happy Bullock seems. When the actress and Randall were spotted cuddling at a restaurant in West Hollywood earlier this summer, a fellow diner told PEOPLE. "She definitely seemed comfortable and relaxed with him by her side."

For more exclusive photos of Sandra Bullock and Bryan Randall, pick up the latest issue of PEOPLE, on newsstands Friday