WACO, TX—Baylor University has recorded a large enrollment increase during the last decade that has created the need for additional housing in the area. And, investors view Waco as a secondary market with a lot of upside because of increasing occupancy and rents. A recently sold multifamily property offered both due to its proximity to Baylor University and employment in the area.
The loft-style multifamily complex, West Campus Lofts, is located at 805 S. 8th St. The sale price was undisclosed.
West Campus Lofts was redeveloped in 2017 from a historic school, South Waco Junior High School. The multifamily community offers a variety of two- and three-bedroom units for student living and young professionals.
Wellington Realty's managing partner, David Shaffer, and investment sale associates, Caleb Jones, Tammy Shaffer and William Hubbard, were on the transaction team. The team is based in the company's Dallas office.
“The newly renovated historic school had been vacant for years. The renovation not only helped the city, but it also has fulfilled a need for the community,” said Tammy Shaffer.
The complex is located off of Interstate 35, near dining and other attractions, including the famed Magnolia Market owned by Chip and Joanna Gaines, which has sparked redevelopment in the immediate area.
“West Campus Lofts allowed the new owner to take advantage of Baylor University's 3% year-over-year enrollment growth by increasing occupancy,” David Shaffer tells GlobeSt.com. “Magnolia Market is driving a large number of tourists to the area and the new owner plans on creating value by offering Airbnb units.”
The complex has granite countertops and stainless-steel appliances. The amenities include a pool with a cabana, 24-hour fitness center, game room and a student study lounge.
“Moving forward, because of the city's recent uptick in both employment and job growth, along with increasing prices in primary markets, secondary markets like Waco will continue to receive a lot of investor interest,” said Jones.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
