Optimal Sale Timing Coincides with Goals Met
Echo Lane was carefully vetted to assure the purchase met Velocis’ investment strategy and would offer a viable opportunity for investors in 2012, and with occupancy at 97%, the asset was sold to 800 Builders.
HOUSTON—Timing is everything and a recent disposition in the upscale Hedwig Village is proof of that. Dallas-based private equity real estate manager Velocis recently sold Echo Lane, a 189,162-square-foot class-A office complex located at 950 and 952 Echo Lane. 800 Builders purchased the property for an undisclosed price.
“When we purchased Echo Lane, we saw a great opportunity to invest in a property with not only a premier address, but also unique characteristics,” said Mike Lewis, partner of Velocis. “As with all of our investments, our goal was to identify and unlock value in the property. With Echo Lane, our understanding of the local market, along with some patience and restraint, played a major role in our ability to increase occupancy and raise rental rates with minimal investment, and ultimately, dispose of the asset at the optimal time.”
Velocis purchased the property in 2012 and has since raised occupancy from 83% to 97%.
“When Echo Lane was purchased, as with every property Velocis acquires, it was carefully vetted to assure the purchase met our investment strategy and would offer an excellent opportunity for our investors,” Lewis tells GlobeSt.com. “We were able to achieve our goals for the investment and raise occupancy.”
The buildings are situated on 3.8 acres of wooded land with distinct characteristics including a stained-glass ceiling atrium and four-story marble grand staircase.
Rudy Hubbard, Kevin McConn and Rick Goings with JLL represented the owner.
Velocis has been active in real estate investment since 2011, purchasing 26 assets located in markets in Texas, Colorado, Georgia, Florida, Arizona, Virginia, North Carolina and the Washington, DC corridor. Velocis consists of two entities: Velocis Funds and Velocis Advisors. Velocis Funds are private equity real estate funds, active in the acquisition, operation/management and disposition of US commercial real estate. Additionally, Velocis Advisors provides asset management and advisory services to both investors and real estate clients.
Velocis is led by a team of five partners who are directly responsible for the acquisition, asset management and disposition of assets. Partners in Fund II are Fred Hamm, Mike Lewis, David Seifert, Paul Smith and Jim Yoder.