Wayfinder Real Estate has officially sold the Troubadour, a 321-unit community 1 mile north of downtown Austin. The asset was acquired by Christopher Investment Co. in an off-market deal. The sales price has not been disclosed.
In prepared remarks, Daniel Myrick, COO & general counsel at Christopher, said the firm entered a purchase agreement with Wayfinder for the Troubadour before leasing began. Wayfinder first broke ground on the community in January 2020, which according to Yardi Matrix data, began preleasing in February 2022.
The six-story property is Wayfinder’s first community to be completed and sold since the company’s founding in 2019. Other projects include two Texas communities about to complete construction, as well as six multifamily assets in the design and development phase.
Christopher is adding the Troubadour to a portfolio of other multifamily communities in the Austin area, including The Catherine and The Pearl.
Location and Amenities
Located at 3403 Harmon Ave., the Troubadour features studio, one-, two- and three-bedroom apartments ranging from 437 to 1,401 square feet. Each unit has quartz countertops, custom kitchen cabinetry and modern flooring and tiling. Community amenities include a pool, courtyards, an outdoor movie theatre, rooftop club, fitness center and more.
Current occupancy for the 321 apartments is 93 percent. Sixteen units in Troubadour are affordable, set aside for residents making less than 80 percent of Austin’s median income.
The Troubadour is the final multifamily development to be completed in University Park, the redevelopment of the former Concordia University campus. In between I-35 and the Hancock neighborhood, the location is walkable with proximity to a variety of restaurants, bars, food trucks, coffee shops and entertainment.