Crystal Park Plaza, Hayman Properties most recent acquisition, is a 58,613 sq. ft. core plus, class B+ office building located in Round Rock in northern Austin, Texas. The property was purchased in April of 2017.
Crystal Park Plaza is positioned along the highly traveled I-35 corridor in one of the fastest growing and most desirable regions in the United States. Currently stabilized and 96% leased, the building is 41% comprised of investment grade companies. The property features a diverse rent roll and a solid cash flow base from which to build value. With a little over 3 years of weighted average lease term remaining, Crystal Park Plaza also presents tremendous value enhancement opportunities through the lease up of rolling and vacant space into an increasing rental rate environment.
The total of $3.5MM that is available for the Crystal Park Plaza opportunity is targeted to return a 14.2% IRR to investors on a 10-year hold.
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