Briarcroft & Continental

A 120,000 square foot value-add office acquisition of a two building portfolio in Austin, TX.

Deal Highlights

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STATUS

Sold

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Building Area

122,525 SF

Location

Austin, Texas

Property Type

Suburban Office

Hold Period

32 Months

IRR

36.69%

Equity Multiple

2.25x

Investment Summary

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OakPoint purchased this two-building portfolio from Kennedy Wilson (KW), a real estate investment trust. The acquisition required two different lenders and over $1 million in upfront renovations and capital improvements. At closing, the portfolio was 85% occupied with average rates of $18.50 per square foot. Using our in-house team to perform construction management, property management, and leasing, the properties were renovated and leased to 100% within 18 months, with rental rates at $26.00 per square foot.

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Property LOCATIONS

12710 Research Blvd
Austin, TX 78759

9101 Burnet Rd
Austin, TX 78758

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