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Ritchie Rd - 18.98+/- Acre Multifamily Development Site 18.98 Acres of Commercial Land Offered at $4,595,830 in Lorena, TX 76655
INVESTMENT HIGHLIGHTS
- Located approximately 2 miles east of Interstate 35,providing direct access to Dallas, Austin and San Antonio.
- The Site is within the Waco ETJ, which is beneficial to a developer given it is not burdened by the typical zoning constraints.
- According to Costar, multifamily asking rents are projected to grow by 3.5% in the next 12-months in the Waco market.
- The Site is adjacent to the City of Hewitt and also located 9 miles southwest of downtown Waco.
- Seller has complete plans for a 278 unit garden style deal on only 9.74+- acres of the Site leaving the remaining 9.24+/- acres for development.
- In regard to the phase 1 plans, Ownership had received an invitation letter for a HUD 221 (d)(4) loan in the past.
EXECUTIVE SUMMARY
Vanguard Real Estate Advisors (“VREA”) has been exclusively retained by Ownership to offer an 18.98+/- acre multifamily development site located along Ritchie Road in the Waco, TX ETJ (the “Site”). The Site is accessible via Ritchie Road, Devonshire Road, and is less than 2 miles east of Interstate 35. Ownership has completed plans, to be conveyed at closing, for a Phase 1, 278 unit garden-style project on approximately 9.74+/- acres that is fronting Ritchie Road. This leaves the remaining 9.24+/- acres for a Phase 2 on which Ownership anticipates 280+/- additional units can be built. This is an exceptional opportunity to acquire a property in the path of growth at a price of only $6.00 per square foot.
A 1% co-broker fee is available to a Co-Broker that sources a Principal that VREA has not previously contacted in any format or sent information regarding this opportunity. A third-party broker must identify their client upon initial contact with VREA.
A 1% co-broker fee is available to a Co-Broker that sources a Principal that VREA has not previously contacted in any format or sent information regarding this opportunity. A third-party broker must identify their client upon initial contact with VREA.
PROPERTY FACTS
| Price | $4,595,830 | Property Subtype | Commercial |
| Sale Type | Investment | Proposed Use | |
| No. Lots | 1 | Total Lot Size | 18.98 AC |
| Property Type | Land | ||
| Zoning | ETJ - None | ||
| Price | $4,595,830 |
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | |
| Total Lot Size | 18.98 AC |
| Zoning | ETJ - None |
1 LOT AVAILABLE
Lot
| Price | $4,595,830 | Lot Size | 18.98 AC |
| Price Per AC | $242,140.67 |
| Price | $4,595,830 |
| Price Per AC | $242,140.67 |
| Lot Size | 18.98 AC |
1 1
CONTACTS
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Jordan Cortez -
Will Droese -
Reid Pierce -
Mason John -
Haley Birmingham -
Justin Tidwell -
Alex Johnson -
Vanguard Real Estate Advisors
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Ritchie Rd - 18.98+/- Acre Multifamily Development Site
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