Rowan Multifamily Advisors is pleased to present the exclusive listing of a ~5 AC development site in Mansfield, TX, fully planned and approved for 252 units. The site’s shovel-ready status materially compresses the path to construction and removes entitlement risk in a market where new approvals have become increasingly difficult to secure. With only one MF project actively under construction in Mansfield and two in the proposal pipeline, a delivery in the current cycle enters a supply-starved submarket supported by Mansfield’s growing population, high household incomes, and top-tier school district.
PROJECT HIGHLIGHTS
Shovel-ready with 252 units fully approved — entitlement risk and soft cost already borne
Only 1 MF project currently UC in Mansfield with 2 in proposal; delivery hits a supply-starved submarket
87k residents growing 2.3% annually toward projected 100k by 2028; $121k median HH income; Mansfield ISD anchor
84-Unit Killeen / Copperas Cove Multifamily Portfolio | 8%+ Going-In Cap Rate An attractive opportunity to acquire an 84-unit, workforce-housing multifamily portfolio across four strategically concentrated locations in Killeen and neighboring Copperas Cove. The portfolio offers an 8%+ going-in cap rate, approximately 90% physical occupancy, and meaningful upside through loss-to-lease burn-off, targeted unit renovations, and enhanced marketing and leasing efforts. Current rents are approximately $115 per unit below comparable market rents, creating an estimated 19% rental growth opportunity through interior renovations. With all four properties located within a few miles of one another, the portfolio provides opportunities for operational efficiencies and centralized management, while its all one-bedroom unit mix caters to Killeen’s broad workforce, young professional, and military-affiliated renter base.
Key Highlights: 84 units across 4 locations 8%+ going-in cap rate ~90% physical occupancy ~$115/unit average rent gap to market 19% potential rental growth through renovations Concentrated portfolio supporting operational efficiencies Strong demand for attainable workforce housing
Lux Off Main and Lux Riverside present a unique opportunity to acquire a 120-unit multifamily portfolio in the heart of Kerrville, one of the Texas Hill Country’s most desirable and supply-constrained rental markets. Located approximately 60 miles northwest of San Antonio, Kerrville serves as the commercial, healthcare, and retail hub for a seven-county region and is supported by average household incomes exceeding $83,000.
Ownership has invested more than $4.12 million of capex into the portfolio over the past several years, significantly enhancing the physical condition and long-term performance of both assets. These improvements have positioned the properties to compete with newer product while minimizing near-term capital expenditures for a new owner.
Following the July 2025 flood, all 40 units at Lux Riverside underwent a comprehensive interior renovation, with construction completed just a few months ago. The property is currently in lease-up and continues to gain momentum as occupancy increases and rental rates return toward pre-flood levels. This presents investors with the opportunity to benefit from continued leasing activity and organic revenue growth as the asset reaches stabilization.
Investors have the flexibility to acquire Lux Riverside independently or purchase both Lux Riverside and Lux Off Main as a 120-unit portfolio, allowing for a variety of investment strategies.
Rowan Multifamily Advisors is pleased to announce the exclusive listing of The Graduate Apartments in Denton, Texas. The Graduate is a 28-unit apartment community strategically located less than one mile from the University of North Texas. The property’s walkable location to campus, combined with recent interior and exterior renovations, as well an all-bills paid operating model, positions it to benefit from consistent student and workforce housing demand. The Graduate offers investors a well-located asset supported by the University’s continued enrollment growth and Denton’s expanding economy.
• Turnkey renovated asset
• Strong student and workforce housing demand drivers
• Significant upside through reducing unusually high utility expenses
• Potential implementation of RUBS or utility recapture strategies
• Opportunity to add technology package revenue
• Professional third-party management upside
• Rental growth potential due to irreplaceable campus-adjacent location
• Operational efficiencies from transitioning away from owner management
Rowan Multifamily Advisors is pleased to announce the exclusive listing of the Kirkwood Apartments in Lubbock, Texas. This 16-unit multifamily property consists of seven one-bedroom/one-bath units, eight two-bedroom/one-bath units, and one efficiency unit. Eight of the units have been fully renovated with modern upgrades designed to maximize rental income. This offering provides a compelling value-add opportunity, with the remaining eight units available for renovation to further enhance rental income and drive additional NOI growth.
The Kirkwood Apartments are located at 1107 52nd Street in Lubbock, Texas, situated within a predominantly residential area with convenient access to nearby retail, dining, and essential services. The Lubbock market is supported by several major employment centers, including Texas Tech University and its associated health sciences programs, Covenant Health System, University Medical Center, and the Lubbock Independent School District, among others. These stable employment sectors provide a strong foundation for consistent rental demand.
Rowan Multifamily Advisors is pleased to announce the exclusive listing of The Enclave Apartments in San Angelo, Texas. The Enclave Apartments is a 1974 construction, fourteen-unit property offering a one bed and one bath floor plan at 600 square feet. Situated between Austin and Midland, The Enclave’s location provides exposure to multiple regional employment hubs, steady through-traffic along key West Texas corridors, and the broader economic drivers connecting Central Texas to the Permian Basin.
Thirteen of the units have been upgraded by current management, as well as a remodeled laundry room. The Enclave’s opportunity lies in continued property upgrades such as covered parking and in unit washers and dryers, as well as a RUBS implementation to recover utility costs.
INVESTMENT HIGHLIGHTS
Upgraded units helping to boost day one value
Opportunity to boost annual revenue by ~25% in Year 1
San Angelo’s diversified economic base is anchored by stable institutions supporting consistent housing demand
Rowan Multifamily Advisors in pleased to announce the exclusive listing of Rio @ 1604, in San Antonio, Texas. Rio @ 1604 is a 132-unit, 1984 construction property with an average unit size of 1,242 square feet. The property is located 30 minutes Northwest of the city center, putting it in ample location to employment hubs throughout the city.
The current owner has done major work to the property under their ownership including partial renovation of the units, additional washers and dryers, windows replaced in all units, as well as other exterior cosmetic items. The current opportunity lies in the continuation of those property upgrades such as, renovation of the remaining 50 units, the addition of washers and dryers in said units, private yards, as well as reserved parking stalls.
INVESTMENT HIGHLIGHTS
1,242 SF Average Unit Size
Capital expenditures deployed by previous ownership
Opportunity to continue renovations and add value through multiple aspects
Rowan Multifamily Advisors is pleased to announce the exclusive listing of The Coronado Crossing Apartments in Lubbock, Texas. The apartments are comprised of six floor plans ranging from one-bedroom units to four-bedroom units. The previous ownership put the property through both interior and exterior cosmetic renovations for a cleaner look yet still offer the opportunity for a new investor to update interior items like appliances, countertops, cabinets, and flooring. The property also offers an onsite laundry facility offering tenants a highly desirable amenity.
The Coronado Crossing Apartments are located along 34th St in Lubbock. 34th St is a major East to West road that connects all the major destinations in Lubbock. Coronado Crossing is located in between Texas Tech University and Lubbock Christian University, which boasts a combined enrollment of over 42,000 students. This property is in a prime location to serve the ever-growing needs of Lubbock’s local university, community, as well as the growing general population.
INVESTMENT HIGHLIGHTS •Attractive unit size relative to the market •Room to push rents on day one •Opportunity to capitalize on updating unit interiors
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.
Rowan Multifamily Advisors is pleased to announce the exclusive listing of Colonial Apartment Homes. Built in 2004, Colonial consists of 17 fourplex buildings, offering one-bedroom/one-bath, two-bedroom/one-bath, and two-bedroom/two-bath units ranging from 750 to 1,250 square feet. The community, located approximately 30 minutes from Fort Worth, provides close proximity to both CBD and outer-loop employers.
The property features functional layouts, washer/dryer connections, covered patios, and updated interior finishes such as granite countertops and stainless steel appliances in select units—positioning it competitively within the workforce housing segment. Its setting offers a blend of suburban livability and accessibility, appealing to renters seeking affordability and space within commuting distance of DFW. Colonial Apartment Homes presents a new investor with the opportunity to execute a value-add program through continued interior renovations, while also benefiting from broader market dynamics.
Stabilizing Multifamily Fundamentals: Newer supply (~50% post-2020) has largely been absorbed, with rents appearing to have bottomed and positioned for growth.
Limited Competition: Colonial Apartments is the only market rate property within 5 miles constructed between 1990 and 2018.
Affordability + Location Advantage: Cleburne offers a lower cost of living with convenient access to major DFW employment hubs, supporting renter demand.
Major Employment Driver: The Amazon distribution center (June 2026 delivery) is expected to bring 800–1,000 jobs, driving incremental housing demand.
Proven Value-Add Upside: Ownership has renovated 26 units, achieving a $231 rent premium.
Positioned Ahead of Growth Cycle: The combination of stabilized fundamentals, job growth, and public investment creates a compelling entry ahead of long-term expansion.
