Q2 2012 Austin, Texas Apartment Property Sales Analysis

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Q2 2012 Austin, Texas Apartment Property Sales Analysis


Qualifying apartment investment sales are generally more active, but the second quarter saw just one of those as well. In May, the 479-unit Legacy at Western Oaks in Austin was sold by Mid-America Multifamily Funds II to Mid-American Apartment Communities for $17.6 million dollars ($52,490 per unit). The cap rate was high at 10.8%, and increased the rolling 12 month cap rate, which is based on 10 sales, by 80 basis points to 7.5%. Little change is expected for the rolling 12 month mean over the next few years.