Copper Mill churns to $32M saleCopper Mill churns to $32M salehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=165212017-05-12T05:00:00Z2017-05-12T22:55:00Z

​​​​​​AUSTIN – ​Independence Realty Trust (IRT) has sold Copper Mill, a 320-unit apartment property, for $32 million or $100,000/unit. ​

The property is located at 10000 N Lamar Blvd​.​ 

Rental rates range from $830 to $1,270 per month, according to HAR.

IRT received net cash proceeds of $23.7 million after transaction costs and full repayment of $7.0 million of underlying property specific debt.

IRT expects to recognize a gain of approximately $16.2 million associated with this sale, after transaction costs, in the quarter ended June 30, 2017.​

This is the first of four sales, all expected to close during second quarter 2017.
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