OakPoint Investments announced today its purchase of two office buildings located in Austin, Texas.
The Nashville-based real estate investment firm did not disclose the purchase price in a release.
OakPoint said the two buildings comprise a combined 122,525 square feet and are located in Austin’s North Burnet Gateway corridor.
“Given our cost basis and the dynamic locations of both buildings, we are excited about the long term potential of these assets,” James Granberry, an OakPoint principal, said in the release. “We have spent considerable time searching for value in the Austin market, believing that the comparability of Nashville to Austin will allow us to employ a similar strategy in both cities successfully.”
OakPoint plans significant renovations and upgrades to both buildings. The company’s Austin-based partner on the transaction, Haverwood Management, will manage and lease the properties.
This marks the firm’s tenth acquisition since its launch two years ago.