New investors jump into Austin real estate: Congress Ave. tower, suburban offices snapped up.

By Parimal M. Rohit – Staff Writer, Austin Business Journal

The full effects of the Covid pandemic on the office market are still playing out, but two recent transactions show institutional investors remain bullish on Austin.Regent Properties LLC, based in Dallas and Los Angeles, acquired 816 Congress — a 20-story high-rise building in downtown Austin — for $145 million, it was announced on Jan. 13.

Just two days prior, 35 South Capital LLC, a Texas-based real estate asset manager, announced it had purchased West Lake Hills Plaza, a suburban office building at 3811 Bee Cave Road.Both represented the first Austin deals for the respective buyers.

West Lake Hills Plaza

35 South Capital bought the 24,130-square-foot West Lake Hills Plaza boutique office building through its Front Porch Fund II.The building, which sits on 2.65 acres, is home to tenants such as Benchmark Bank, Edward Jones and Victory Medical Group.