Austin, Texas (PRWEB) February 06, 2014
Cielo Property Group recently purchased an 181,000 square foot office building at 823 Congress Ave. in downtown Austin.
Located just two blocks from the Texas Capitol, the 15-story building is 94 percent occupied.
“The opportunity to purchase an asset of this size on the most recognizable street in Texas does not come along too often,” said Rob Gandy, co-founder and managing partner of Cielo. “The Texas market in general has seen a steady rise in rental rates, and we like the underlying fundamentals for the Austin office market on a long-term basis. We believe assets like 823 Congress will perform well in the coming years.”
Cielo Property Group, formerly Cielo Realty Partners, purchased the property from Amstar/Stacy 823 LP, a partnership between Denver-based Amstar and Austin-based CapRidge Partners.
Cielo invests in undervalued commercial real estate primarily in Texas and currently owns 15 assets including retail, office and multi family properties. Founded in 2010 by Gandy and Bobby Dillard, the company has been very active in the last 18 months.
Last April the group acquired three historic office and retail buildings in the 300 block of Congress Avenue, which have since been combined into one address at 325 Congress Ave.
In July the company bought the 240,000-square-foot Chase Bank/Neuhaus Tower in McAllen, Texas. The 17-story building is the tallest building in the Rio Grande Valley.
For more information about Cielo Property Group and to connect with us, please visit:
About Cielo Property Group
Cielo Property Group (CPG) is a real estate investment company that actively pursues opportunities to create value through a resourceful strategy and an adaptable execution at the property level. CPG focuses heavily on Texas and in situations where it has a competitive advantage due to dislocations in price and or information in specific market environments.
Cielo utilizes its people, passion and process to access proprietary deal flows and deliver exceptional services to the people that matter most, its stakeholders.
Cielo is able to capitalize on opportunities that other competitors may not, because Cielo leverages its reach for the sky philosophy to make each and every deal a success for all of our partners.
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