San Francisco investor continues its plunge into Austin real estate

Apr 1, 2014
Austin Business Journal

AQUILA Commercial LLC has been rainted to handle leasing at Avallon

DivcoWest Real Estate Investments of San Francisco continues its aggressive acquisition of Austin office properties with the purchase of Avallon in Northwest Austin near Morado Circle and Jollyville Road

Though the contract for sale first was reported by the Austin Business Journal in February, the acquisition recently closed with Eastdil Secured representing DivcoWest

The seller was Highbrook Investment Management LP in New York

Avallon includes five buildings, which were constructed in 1986, 1997 and 2001. The purchase price was not disclosed but the Travis Central Appraisal District values the land and 318,000 square feet of office structures at $40.3 million

The property was 88 percent occupied at the time of closing with 19 tenants

In addition to Avallon, Divco West owns the Littlefied and Scarbrough buildings in downtown Austin at Congress Avenue and Sixth Street; Parmer Business Park in Northwest Austin; Building 312 in Southeast Austin; and Research Park Plaza in Northwest Austin. The company now controls about 1 million square feet of office space in Austin

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