Met Center 15, Preferred Equity

Austin, TX

  • Target Annual Cash -
  • Target IRR 30%
  • Target Equity Multiple 2.82x
  • Asset Profile Value Add
  • Minimum Investment $50K
  • Estimated Hold 4Y
Virtua Partners Phoenix, AZ

Office Property

About this Property

Met Center 15 is a class B office building located in Austin, Texas close to downtown Austin and also in close proximity to the University. Met Center 15 currently has 2 anchor tenants in Progressive Insurance and Waste Management.

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Key Points

  • Square Feet: 257K
  • Type: Office/Flex
  • Year Built: 2000-2001
  • Class of Building: B+
  • Lease Types: NNN
  • MSA: Austin & Round Rock

Financials

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Offering Financial

Location Details

Austin, TX

In Virtua Partner's view, these market conditions have caused overall vacancy to decrease while demand has increased, resulting in limited availability of office space in the Austin market.

According to CoStar, “the Austin office market has been one of the healthiest in the country in this cycle.”

Firms relocating or expanding into Austin include Apple, Indeed, Schwab, Samsung, Oracle, Google and Facebook.

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Documents

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Offering Agreement Documents

Frequently Asked Questions

Below are some of the most frequently asked questions about this offering.

The first projected distribution is scheduled for December 2021.

Distributions are scheduled to go out on an annual basis.

Yes non-US residents are welcome to apply. Please contact the sponsor for more details.

No, Class 1 is no longer available for investment.

No, class 2 investors are getting a straight return.

Yes, all targeted returns are net to Investors.

Surrounding office buildings have an average of approximately $25 RPSF NNN with some of the higher rates being build-to-suit office buildings.

Progressive has an open termination right with 180 days-notice and a payment of approximately $2.5MM as an exit fee. To leave the space, Progressive would also have to consider disruption of business costs, costs to move, and consider a potential increase in rent as the market rates are above what they are currently paying. These are some of the reasons why we believe it is unlikely that Progressive would elect to terminate the lease, and they are also some of the same reasons for Progressive to stay.

The investment term is projected at four years. The manager anticipates that gains will be treated as long term capital gains.

A hypothetical $100K investment in class 2 is targeting a 2.83x equity multiple, or 30% IRR. That works out to approximately $281,000.

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Have a Question?

Send Virtua Partners and/or RealCrowd a message. If you have a question about this offering ask Virtua Partners. If you have a question about the transaction process or other general inquiry, RealCrowd will be happy to help.

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