Austin apartments trade hands of $66.8M deal

Wayfinder sells newly built 321-unit complex

Wayfinder's Mac McElwrath (seller) in front of the Troubadour at 3403 Harmon Avenue in Austin (Getty Images, LinkedIn/Mac McElwrath, Wayfinder)
Wayfinder's Mac McElwrath (seller) in front of the Troubadour at 3403 Harmon Avenue in Austin (Getty Images, LinkedIn/Mac McElwrath, Wayfinder)

A Christopher Investment affiliate bought a recently completed central Austin multifamily complex valued at $66.8 million. The seller was Wayfinder Real Estate.

Troubadour at 3403 Harmon Avenue is a six-story, 321-unit apartment complex developed by Austin-based Wayfinder. Construction on the 265,000-square-foot building started in 2019 and was completed in 2022.

The Troubadour (Wayfinder)

The Troubadour (Wayfinder)

The sale price was not disclosed; county records reveal that the property — listed at its former street address, 1017 Concordia Avenue — was appraised at $66,842,023 for the 2022 tax year. The appraised value of the land alone has almost doubled since 2020 — it went from $11 million to $20 million — before Troubadour was built.

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The appraised value comes to around $204,000 per unit.

Apartments in the complex range from 437-square-foot studios to three-bedrooms measuring 1,392 square feet, according to Troubadour’s website. Rent for listed units is $1,814 to $3,084 per month, with 16 units reserved for residents who make no more than 80 percent of Austin’s median family income. Preleasing began in April, and occupancy is expected to reach 93 percent by the end of August, representatives said in a press release.

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Troubadour is between IH-35 and Hancock, a historic neighborhood near downtown and the University of Texas at Austin campus. The new complex is on the 22-acre former grounds of Concordia University, which is being redeveloped as a mixed-use community University Park. It’s the last of the planned new multifamily complexes to be finished there.

It’s also the first completed and sold project by Austin-based Wayfinder, which was founded by Mac McElwrath and Chris Sipes in 2019. Christopher Investment, a legacy Michigan company that sold its assets there and moved its headquarters to Texas in 2006, owns several other Austin multifamily properties.