This Multifamily Property is Off-Market.

4372 Lake Shore Drive
Waco, TX 76710 ·

326 Units · Multifamily For Sale

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Waco Apartment Portfolio

Price N/A Property Sub-type Garden/Low-Rise
No. Units 326 Property Use Type Investment
Building Size 304,130 SF Cap Rate 8.10%
Property Type Multifamily Year Built 1973
Listing ID: 15144133 Date Created: 05/18/2007 Last Updated: 05/22/2007

Description

The Waco Portfolio consists of 326 units in two distict Class B apartment communities. Located on scenic Lake Shore Drive across the street from Lake Waco, Village Green was built in three phases between 1972 and 1976 and consists of 248 units averaging 933 sf. Village Green has the lowest rents in its competive set, providing the investor with excellent rent growth potential.

Town Oaks, built in 1969, consists of 78 units that average 932 sf. This one-of-a-kind, boutique community is located in the heart of Waco on Sanger Avenue, just south of heavily travelled Valley Mills Road, and benefits from many recent retail developments within one mile of the Property.

Each Property provides significant upside potential for the investor by "repositioning through renovation", including interior upgrades to kitchens and bath areas and adding common area amenities. The Portfolio's value-add potential offers an investor the opportunity for long-term stability, future rent growth potential and value appreciation.

Both Properties are located within close proximity to Interstate 35, US Highway 84, State Highway 6 and Loop 340, providing residents quick access to nearby retailers, employers, Lake Waco and Baylor University.

To recieve the Offering Memoradum, Please fill out the attached Confidentiality Agreement and fax to

Research

4372 Lake Shore Drive, Waco, TX 76710 (McLennan County)

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