HUD sold the 36-building property for $3.55 million. HUD had foreclosed on Lakeshore North's previous owner, a partnership.
Kaminski says the company will spend $500,000 to $600,000 to renovate the complex with new roofing, siding and to spruce up parking lots. It also plans to fix up some apartments as leases roll over.
The complex, built in 1985, has a swimming pool, clubhouse, tennis courts and washer and dryer connections. Occupancy is about 92%, about the same as the total Waco market, Kaminski says, but lower than the 96% to 98% occupancy levels of the complexes it competes against.
Although Waco is Kamco's smallest market, Kaminski says its has much to offer apartment operators. "It's got three good sources of student revenue," he says, referring to Baylor University, Texas State Technical College and McClennan Community College. The apartment complex, located at 1600 Lakeshore Dr., is adjacent to the community college's campus. He also cites major employers such as M&M Mars, Cargill and several manufactured home companies. Unlike other secondary markets such as Killeen, Waco is not dependent on military or other government spending, Kaminski says.
Kamco also owns and manages apartment properties in Dallas, Arlington, Austin and San Antonio and is an operator of industrial, self-storage and office properties.
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