Austin-based Wayfinder Real Estate has completed the sale of Troubadour, a 321-unit apartment community in Central Austin, to an affiliate of Austin-based Christopher Investment Co.
The sales price was not disclosed.
Located one mile north of downtown Austin at 3403 Harmon Ave., Troubadour has experienced unusually strong demand since pre-leasing started in January. When first move-ins began in April, 80 apartments — 25% of the units — were pre-leased. Since then, an average of 14 new residents have signed leases per week.
The community is expected to reach 93% occupancy and fully stabilize by the end of August.
The six-story project is the first community that Wayfinder has completed and sold since industry veterans Mac McElwrath and Chris Sipes founded the company in 2019.
Wayfinder will soon complete the 295-unit Waterview community in Richmond, Texas just west of Houston and has a 362-unit project named Veranda underway in East Austin that will offer a mix of apartments and townhomes. The company also has five multifamily communities in the design and development phase in the Austin metro area and one in the Houston area.
The transaction between Wayfinder and Christopher Investment Co. was conducted off-market.
Christopher owns several other multifamily communities in the Austin metro including The Catherine just south of downtown Austin and The Pearl in north central Austin.
Troubadour offers one-, two- and three-bedroom apartments with 16 units reserved for residents making no more than 80 percent of Austin’s median family income.
Community amenities include an outdoor movie theater, a rooftop terrace overlooking the downtown Austin skyline and the University of Texas at Austin, a resort-style pool, and multiple courtyards. Locally renowned artist Chris Rogers produced custom murals located throughout the property.
Troubadour is the final multifamily community to be completed in University Park, the master planned redevelopment of the former 22-acre Concordia University campus between Interstate 35 and the Hancock neighborhood in Central Austin.