The Austin Suburban Portfolio consists of three office properties located on approximately 32.4 acres of land in the northwest submarket of Austin, Texas. The properties encompass one Class A and seven Class B buildings with a total of 517,974 square feet. The combined occupancy was approximately 75% at the time of acquisition. The individual asset breakdown is as follows: Great Hills Plaza: 139,252 SF
Park Centre: 203,193 SF
Westech 360: 175,529 SF
There are two main value-add opportunities for this portfolio: First, there is the opportunity to increase occupancy in Park Centre and Westech 360; and second, many of the leases across all three assets are below market, creating an opportunity to increase the rental rates to market rates for new tenants in a rising rent environment.
