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823 Congress Avenue, Austin...

DRA Advisors LLC & Pillar Commercial Acquire 823 Congress Ave Office Building In Austin From Brickman
SOLDOffice

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

Gary Carr

Newmark

Broker

$352.5M

vol

33 deals

Broker
DRA Advisors
DRA AdvisorsBuyer

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