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Waco, Texas – The Multifamily Group (TMG), a Dallas-based commercial real estate brokerage firm, announces the sale of Saddle Brook West Apartment Homes, a 216-unit multifamily property located at 9821 Chapel Road in Waco, Texas. The property has been rebranded as Flats on Chapel.
For the transaction, TMG represented the original owner/developer of the property, Dallas-based Zidell Companies, and procured a buyer, the Houston-based Juniper Investment Group.
Saddle Brook West was constructed in 2001 and is comprised of 216 units in 26 two-story buildings spread across nearly 11 acres of land. It is located between the Austin-Round Rock and DFW metroplexes and serves the Midway school district. Saddle Brook West features luxurious amenities such as an Olympic size pool, kiddie pool, playground, game room, basketball court and spa. The best-in-class fitness center provides Olympic free weights, treadmills, life cycles and elliptical trainers.
“Trading just over a 5% cap rate, this transaction proves that the Central Texas submarket has become a viable candidate with extreme cap-rate compression afflicting the primary metros,” TMG managing partner Paul Yazbeck said.
With the cost of living at 6% below the national average, median household income of $70,313 and a submarket average of 95% occupancy, the acquisition provides an opportunity for the buyer to strengthen its foothold in one of Texas’ strongest tertiary markets as it grows into a metropolitan hub, especially with the projected rental rate of rentals of Saddle Brook West.
“Investors believe millennials will continue to rent rather than buy, even in tertiary markets,” TMG managing partner Jon Krebbs said. “That demand is driving competition from investors for properties with attractive amenities that are located in good school districts.”
The Multifamily Group is a commercial real estate brokerage firm focused exclusively on clients and helping them market, sell and acquire multi-housing assets. Based in Dallas, Texas, investors look to The Multifamily Group for one thing – results. To learn more about TMG, visit their website at https://multifamilygrp.com/
Release ID: 451383