Travis Central Appraisal District assesses the assets at a combined $85 million. A spokesman for the Fort Worth-based REIT tells GlobeSt.com that Avallon at 10415 and 10431 Morado Circle and 10814 Jollyville Rd. was acquired in 1994, while 816 Congress in the CBD entered the company's portfolio two years later. As of March 31, Avallon's occupancy was 96.1% and 816 Congress Ave. was 74% leased.
Situated on 16 acres in the far north submarket, the five-building Avallon was built between 1986 and 2001. The 20-story 816 Congress was built in 1983 and renovated in 1995.
CBRE executive vice presidents Russell Ingrum and Gary Carr and senior vice president Todd Mills sold the assets for Crescent. The Santa Ana, CA-based Triple Net was self-represented. Acquisition financing was provided by MMA Realty Capital and arranged by Wally Reid, managing director with Holliday Fenoglio Fowler LP.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.