Sunday, May 6, 2012

$13 Million Central Texas Multi-Family Portfolio Hits the Market

KILLEEN, TX– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has received the exclusive listing for The Killeen Portfolio, three multifamily properties totaling 625 units located in Kileen.

The listing price of $13 million represents $20,800 per unit and $30 per square foot. The assets are located in the Waco-Temple-Killeen metropolitan statistical area, one of the fastest-growing economic corridors in the nation.
Joe James and Kent Myers, senior associates, and Patrick Burke, an associate, in the Austin office of Marcus & Millichap, are representing the seller.

“The properties have all been well maintained and enjoy excellent visibility,” says Burke. “They are located within three-and-a-half miles of each other, a distance that allows for ease of management.”

The properties are:

  • Caesar’s Palace, 600 W. Hallmark Ave.,
  • Commander’s Palace, 702 Santa Rosa Drive
  • Century Plaza, 3300 Rancier Ave (top left photo).

Constructed in the late 1960s and situated on 21.7 combined total acres, the properties are located in Killeen, 60 miles north of Austin. Fort Hood, the United States Armed Services’ largest active duty armored post is located in Killeen.

The city is experiencing rapid growth in many areas, including population, business, medical industry, retail services, entertainment and educational facilities. The current population, estimated at more than 127,921, has shown an increase of 47 percent since 2000.

The Killeen Portfolio’s unit mix features one-, two- and three-bedroom floor plans ranging from 510 square feet to 992 square feet. Shared amenities include swimming pools, on-site laundries and green courtyard space.


Stacey Corso, Public Relations Manager, (925) 953-1716