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AUSTIN-The Hayman Co. of Troy, MI has added to its Austin multifamily inventory with the $25.05-million purchase of four apartment complexes totaling 702 units and 507,118 sf. Hayman has paid Dallas-based ITW Mortgage Investments III about $35,613 per unit or $49.30 per sf.

Area construction sources tell GlobeSt.com the purchase price was far below current average replacement cost of about $75,000 per unit and an average hard construction cost of about $125 per sf. The properties are the 261,997-sf, 23-year-old Coppermill Apartments at 1000 N. Lamar Blvd.; 87,097-sf, 26-year-old Gateway Apartments at 1804 Rundberg Lane; 81,144-sf, 27-year-old Woodstone Apartments at 4021 Steck Ave.; and 76,880-sf, 22-year-old Quail Run Apartments at 1200 Mearns Meadow Blvd.

The apartments have an average occupancy of 95%, according to GMH Capital Partners brokers Eric Mattson Jr. and Morgen J. Busch who represented the seller. The buyer negotiated for itself. Average monthly rents at Coppermill are $656; Gateways, $501; Quail Run, $512; and Woodstone, $642.