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6/09/15
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The Residence at Central Texas Marketplace, a 216-unit apartment community in Waco, TX, traded hands. The terms of the sale were not released.
Built in 2005 on 11 acres at 5210 Bagby Ave in Waco, the community is located at Waco’s most prominent highway exchange, the intersection of Interstate 35 and Loop 340/Highway 6. Central Texas Marketplace, an 800k sf open-air retail center, is within walking distance, and employers such as Baylor University, L-3 Communications Integrated Systems and the Waco Independent School District are nearby.
Apartments at The Residence at Central Texas Marketplace feature crown moldings, built-in computer desks and kitchens with faux-granite countertops and black Whirlpool appliances. Select units have nine-foot ceilings and vinyl wood-plank flooring. Community amenities include controlled access gates, a resort-style swimming pool, a fitness center, a business center, detached garages, covered parking, a car wash, social areas with grills and exterior storage units.
Joe James and Kent Myers, both associate vice presidents investments in Marcus & Millichap’s Austin office, represented the seller and procured the buyer.
“Investor demand for apartments in Texas’ secondary markets like Waco remains high with more and more buyers aggressively seeking opportunities in such markets,” says James.
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