INVESTMENT OVERVIEW
Rowan Multifamily Advisors is pleased to announce the exclusive listing of The Creole Apartments, a 49-unit value-add property in Waco, Texas. Originally built in 1971, the property has received interior renovations and upgraded common areas, along with capital improvements including new security gates, parking lot resurfacing, as well as key plumbing and HVAC upgrades to enhance its position for future growth.
Creole Apartments is located just minutes from Baylor University, one of Texas’s leading universities, ensuring steady demand from students and faculty. The property offers excellent accessibility, with convenient connections to major roadways including Interstate 35 and U.S. Highway 84, as well as close proximity to Waco Regional Airport and downtown Waco. Residents also enjoy easy access to parks, Lake Waco, trail heads, golf courses, schools, shopping, dining, and entertainment options.
INVESTMENT HIGHLIGHTS
- Market rents ~$100 lower than nearby comparable properties
- Recent capital expenditure deployment
- Opportunity to incorporate washer dryer connections proving a possible increase of ~$30k annually in other income.