AUSTIN – Admiral Capital Group, an investment group led by former NBA star David Robinson of the San Antonio Spurs, and its joint-venture partner, Houston-based Crimson Real Estate Advisors, have sold three Austin office properties, totaling 380,000-sf.
The Austin portfolio includes the 205,000-sf Aspen Lake, the 174,448-sf Tower of the Hills and 178,000-sf Tower Point located in northwest Austin.
The buyer was Fortis Property Group, LLC, a private real estate investment, operating, management and development company headquartered in Brooklyn, N.Y.
The Admiral/Crimson/USAA partnership acquired the assets in 2011 and this sale is the first disposition for Admiral Capital Real Estate Group and partner USAA Real Estate Co.
“We are very pleased with the repositioning of these assets and the tremendous momentum we have experienced in Austin,” said Daniel Bassichis, co-founder of Admiral Capital Group. “We were fortunate to work with such a strong partner in Crimson to execute the plan.”
Admiral and Crimson strategically executed a value-add business plan to reposition and stabilize these real estate assets. The Austin portfolio includes Aspen Lake, an office building which at the time of acquisition was vacant and is now 100% leased.
In addition to the Austin portfolio, the Admiral Capital Real Estate Group with more than $250 million of assets under management currently owns an office building in El Segundo, Calif., an office building in Atlanta, Ga., the Hilton Garden Inn in Houston (Energy Corridor), an office building in Santa Clara, Calif., the Holiday Inn Express in Fort Worth, Texas and a performing mortgage on a non-gaming hotel in Las Vegas. Admiral is actively pursuing additional value-add opportunities.
Admiral’s David Robinson, a graduate of the U.S. Naval Academy, spent 14 years in the NBA, was league MVP and won two NBA championships and two Olympic Gold Medals.