DRA Advisors LLC & Pillar Commercial Acquire 823 Congress Ave Office Building In Austin From Brickman
823 Congress Avenue, Austin, Texas 78701, United States
Building Size
190,254 SF
Asset Type
Office
Closing
Apr 26, 2022
AI
The office property located at 823 Congress Ave in Austin was recently sold in a transaction. The property spans a total area of 190,254 square feet and is classified as an office asset. The sale took place on April 27, 2022.
Summary of transation details
- Property Type: Office
- Transaction Date: April 27, 2022
- Address: 823 Congress Ave
- Market: Austin
- Size: 190,254 square feet
The buyer of the property was DRA Advisors LLC and Pillar Commercial, while the seller was Brickman. The transaction was facilitated by the brokers Chris Murphy, Robert Hill, Gary Carr, and Chase Tagen from Newmark.
Players
Austin Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93