The just-sold property is the La Mirage 2 Apartments at 2425 S. 21st St. "We bought it for substantially less," Bryan J. Kaminski, Kamco's owner, says about the deal with 15-year owner, Texas First Nine Ltd. of Colorado. The first step is renaming the complex to Blair's Cove Apartments and the next move is the rehab, which will take 60 days to complete, according to Kaminski. Bryan O'Boyle with Apartment Realty Advisors in Dallas brokered the transaction.

The 18-building complex, positioned on 12.3 acres, is across town from Kamco's other multifamily holding, the 95%-leased, 224-unit Lakeshore North Apartments. Both assets will be managed by Monarch Properties of Dallas. "We like Waco because it's not subject to wild market swings like Dallas," Kaminski says. "And, there are very few concessions in the market." And the sweet spot, he says, is the deal builds in "the ability to feed people back and forth between the two complexes."

Kaminski tells GlobeSt.com that a renovation will be used to raise rents, eyeing $30 more for one-bedroom apartments and $75 extra for two-bedroom units. Currently, rents are $385 and $475 for units of 592 sf and 835 sf, respectively. The mix has 64 one-bedroom designs and 192 two-bedroom units.