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4/30/15
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Inc (DPF) has acquired the City View Portfolio, a collection of four multi-tenant office buildings in Austin, TX, for $68.75 mil. DPF funded the acquisition through cash on hand and availability under its revolving credit facility.
Three of the adjacent, Class A buildings were built in 1985 while the fourth building was completed in 1998. The buildings combine to approximately 274k sf, and are 99% leased to 22 tenants.
"The acquisition of City View supports our stated investment strategy by adding a high-quality asset with a diverse tenant roster in a market that we believe has strong long-term fundamentals. Strategically, the acquisition adds to our presence in Austin, which we believe produces operational benefits for DPF," commented Michael Lynch, President of Diversified Property Fund.
Including this acquisition, DPF owns 20 office properties totaling approximately 4.3 msf.
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