The Waller Group is proud to present the 91.0% occupied, 256- unit value-add property in Waco, TX. The property is available because current ownership is looking to reinvest proceeds. The current owner repaved the parking lot in 2018 and also implemented a water conservation program by replacing the toilets, shower heads, and faucets. They also installed a dog park and spent 350,000 putting new siding on the building.
Current ownership is achieving $1,359,277 in annual NOI. New ownership, based upon area rent comps, can raise rents up to $151 / unit, which is a $0.19 / sqft bump. With this bump, new ownership can achieve an annual NOI of $1,778,559. Current management is being compensated at 3% of EGI and is willing to stay on post-closing. Proforma financials were unwritten with a 3% management fee.