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Koger Remains Central Texas Player Despite $300-Mil Option

AUSTIN-Koger will continue to oversee its Austin and San Antonio properties that are part of a 3.9 million-sf portfolio under option from New York-based Apollo Real Estate Advisors. It's a $300-million option that allows Koger to shop the market.

By Tim Green | Updated on August 27, 2001

AUSTIN-Koger Equity Inc. has agreed to sell office properties in Austin, San Antonio and several other cities to ARIEF Realty Trust Inc., an affiliate of New York-based Apollo Real Estate Advisors LP.

The overall sale consists of 10 properties with 75 suburban office buildings and one retail center, a total of 3.9 million sf, in the Texas cities and in Greensboro and Charlotte, NC, Greenville, SC and Birmingham, AL. The properties, which Koger termed as “non-core assets,” accounted for 43% of Koger’s net rentable area. Koger has held onto its newer buildings with stronger core markets and higher occupancy rates, the company says.

Todd Chessher, general manager of the Austin properties, tells GlobeSt.com that Koger would continue to manage and lease the buildings. “I don’t see any local changes at all,” he says.

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