Austin: Aspen, Tower Point, Tower of the Hills sold

AUSTIN – Three northwest Austin office properties, the 205,000-sf Aspen Lake, the 174,448-sf Tower of the Hills and the 178,000-sf Tower Point, have been sold to Fortis Property Group.

•  the four-story Aspen Lake property is located at 13785 Research Blvd.;
•  the ten-story Tower of the Hills is located at 13809 Research Blvd.; and
•  Tower Point is located at 13805 Research Blvd.

Crimson Real Estate Fund LP along with investment partners Admiral Capital Group and USAA Real Estate Company sold the properties.

At year-end 2013, the Austin market had an occupancy rate of 87.9 percent, compared to 85.8 percent at the end of 2012, according to CBRE.

The Northwest submarket has an even higher occupancy rate of 89.6 percent. Average rents in Austin saw an increase of over $2.00 per sf, reaching historical highs.

“The sales prices for most Texas office towers will continue to increase in 2014,” according to Matthew Deal, commercial appraiser with Deal Sikes & Associates. “As office leases become available for renewal, tenants are signing new leases with major increases in rents. Those higher rents lift the values of office assets,” said Deal.

Read more at Globe St.