Independence Realty Trust Buys Austin's Mandalay Bay for $35.3 Million

Jan 7, 2015

Philadelphia-based Independence Realty Trust wrapped up 2014 with the acquisition of Mandalay Bay, a 300-unit apartment community located at 12443 Tech Ridge Blvd. in Austin, TX

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

Completed in 2001, Mandalay Bay measures 247,470 square feet on a 16.64-acre site and offers one-, two- and three-bedroom floor plans with an average unit size of 1,055 square feet. The community traded at roughly 96% occupancy and has an effective rent per occupied unit of $1,146 for the three months ending November 30, 2014 

IRT bankrolled the acquisition using approximately $26.7 million of cash and issued IRT operating partnership common units valued at approximately $8.6 million

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