HOUSTON – (May 30, 2018) – Velocis, a private equity real estate manager, has sold Echo Lane, a 189,162-square-foot Class A office complex in Houston’s Hedwig Village. 800 Builders purchased the property for an undisclosed price.
“When we purchased Echo Lane, we saw a great opportunity to invest in a property with not only a premier address, but also unique characteristics,” said Mike Lewis, partner, Velocis. “As with all of our investments, our goal was to identify and unlock value in the property. With Echo Lane, our understanding of the local market, along with some patience and restraint, played a major role in our ability to increase occupancy and raise rental rates with minimal investment, and ultimately, dispose of the asset at the optimal time.”
Velocis purchased the property, which is located at 950 and 952 Echo Lane, in 2012 and has since raised occupancy from 83 percent to 97 percent. The buildings are situated on 3.8 acres of wooded land and boast distinct characteristics including a stained-glass ceiling atrium and four-story marble grand staircase. The properties are located in the upscale Hedwig Village, featuring one of the most impressive addresses in Houston. Rudy Hubbard, Kevin McConn and Rick Goings with JLL represented the owner.
Dallas-based Velocis has been active in real estate investment since 2011, purchasing 26 assets located in markets in Texas, Colorado, Georgia, Florida, Arizona, Virginia, North Carolina, and the Washington, D.C. corridor. Velocis is led by a team of five seasoned partners who are directly responsible for the acquisition, asset management and disposition of assets. Partners in Fund II are Fred Hamm, Mike Lewis, David Seifert, Paul Smith and Jim Yoder.
Velocis consists of two entities: Velocis Funds and Velocis Advisors. Velocis Funds are private equity real estate funds, active in the acquisition, operation/management, and disposition of commercial real estate in the United States. Additionally, Velocis Advisors provides asset management and advisory services to both investors and real estate clients. Additional information about Velocis can be found at velocis.com.
This does not constitute an offer to sell, or a solicitation of any offer to buy any securities or investment advice, nor is it intended to be a description of all material factors an investor should consider before making any investment.