Velocis sold The Jefferson Building, the first acquisition from its Fund I, to Healthcare Realty Trust. Velocis principal/co-founder Jim Yoder (here with his wife Ana) tells us the sale exceeded expectations and netted his investors a 30% IRR and 2x equity multiple. (That's an MVP season right there.) Velocis purchased the 98k SF Austin MOB three years ago, invested $600k into updating it, lifted occupancy from 84% to 90%, and raised rents. Transwestern and Marcus & Millichap (who co-listed the property) received over 10 serious offers, but Velocis was happy to select HRT because it wanted to sell to a REIT (he says they’re just great buyers).

Jim tells us Fund I is 65% invested and properties under contract will bring it to 75%. It still owns two shopping centers and two office buildings in Austin, all of which are full or nearly so. Jim says it doesn’t have anything specifically on its radar in the Capitol City, but the team sees a deal a week there. All four Velocis principals went to UT and love Austin (although they’re based in Dallas), so they’d like it to be one of the Fund’s major markets. (Gives them an excuse to visit the alma mater and maybe "happen to be in town" during football games.)