$35.3M sale: Austin’s 300-unit Mandalay Bay

AUSTIN – Mandalay Bay, a 300-unit apartment community at 12443 Tech Ridge Blvd., has been sold.

Acquired for $35.3 million, or approximately $118,000 per unit, Mandalay Bay sits immediately east of the Parmer Ln. and I-35 intersection and adjacent to the Dell Computer–South Campus in North Central Austin.

Completed in 2001, the 247,470-sf Mandalay Bay is on a 16.6-acre site and offers one-, two- and three-bedroom floor plans with an average size of 1,055 sf.

The community was 96 percent occupied at the time of sale and has an effective rent per occupied unit of $1,146 for the three months ending November 2014.

Philadelphia-based Independence Realty Trust purchased the community using approximately $26.7 million of cash and issued operating partnership common units valued at approximately $8.6 million.