Peppertree

This property in Waco, TX was built in 1984. The property is mostly brick, with pitched roofs, concrete parking and individual heat & air. The property is located on Robinson Drive, just east of I-35, which is the Southeast quadrant of New Road and I-35. Robinson road is a major thoroughfare that runs parallel to I-35. The property is surrounded by smalls businesses, light industrial and backs up to a very stable neighborhood community. The property is in need of light exterior repairs and a full exterior paint job. Interior upgrades with new flooring and appliances could result in increased occupancy and rents as the property currently sits at 87% occupancy. The owner of the property lives out of the country and it stands to reason that local hands-on ownership would have an immediate positive impact on operations. The average unit size is 609 sf with 25 two-bedrooms and 56 one bedrooms. The interior units have a full amenity package including microwaves, individual hot water heaters and full size W/D connections. This investment would certainly be a value-add opportunity in a healthy Waco apartment market that averages 96% occupancy. Waco has an MSA population of approximately 258,974 and is located approximately 85 miles South of Dallas on Interstate 35, about halfway between Dallas and Austin. Waco is home to Baylor University (2 miles north of the subject property) and major employers such as Providence Health Center, Waco ISD, Hillcrest Health System, and L-3 Integrated Systems.