Abundant Capital Leads to Austin Highrise Sale

Feb 12, 2014
Globe St

Robust investment activity in Austin will likely continue as capital pours into the city


As GlobeSt.com reported earlier this week, Amstar and CapRidge Partners sold 823 Congress Avenue after approximately 30 days on the market.  Cielo Property Group purchased the 181,000-square-foot office building in downtown Austin for an undisclosed price


Todd Mills, executive vice president with CBRE Austin represented the seller. All investor types are currently active in Austin, from local to foreign, notes Mills


“There is a unbelievable amount of capital looking for investments in Austin,” said Mills


The value-add property is located in the Austin CBD, just two blocks from the Texas capitol. The property, 94% occupied at the time of purchase, is leased to a variety of tenants including IBM, Texas Tribune, Amerigroup and Cielo Wind Power


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