Amstar Sells Office High Rise Building in Austin, Texas
Austin, Texas (January 18, 2014) – Amstar today announced the sale of 823 Congress, a 15-story 181,000-square-foot office building in the heart of downtown Austin, Texas. Cielo Realty Partners was the buyer; the sales price was not disclosed. Amstar, in partnership with CapRidge Partners, purchased the project in late 2006, at a time when the property was under-leased and in need of a major renovation. After acquisition, Amstar and CapRidge Partners invested in and improved the building extensively, raised rents to all-time highs, and attracted many new tenants from diverse industries. The property is currently anchored by tenants like IBM, AllClear ID, Texas Tribune, Amerigroup, and Cielo Wind Power.
The Congress Avenue building is two blocks south of the Texas State Capital and two blocks north of the intersection with Sixth Street, considered the center of downtown. The location is within walking distance of a multitude of amenities and conveniently accessible from Mopac Expressway and Interstate 35.
"This is a prime example of how Amstar unlocks value investing in well-located but underperforming assets. Amstar and CapRidge acquired the property at an attractive basis and found ways to add value by upgrading the building, the management and the leasing,” said Amstar COO G. Douglas Wiley II.
Todd Mills of CBRE marketed the transaction.
Established in 1987 and headquartered in Denver, Colorado, Amstar is a real estate investment manager that acquires, develops and manages office, multifamily, retail, hotel and industrial properties in the U.S. and select international markets. Originally formed to invest and manage the real estate allocation of a large family office client, Amstar began expanding its capital strategy nearly a decade ago and has grown to more than $2.5 billion in assets under management (as of December 31, 2013). Amstar’s clients originate from across the globe and include U.S. and European institutions, insurance companies, private banks, funds of funds, and family offices. For more information, visit www.amstar.com.