Sunday, June 7, 2015

Central Texas Multifamily Community Changes Hands in Deal Brokered by Marcus & Millichap


The Residence at Central Texas Marketplace, Waco, TX

WACO, TX – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of The Residence at Central Texas Marketplace, a 216-unit apartment community in Waco, Texas. The terms of the sale were not released.

Joe James
            Joe James and Kent Myers, both associate vice presidents investments in Marcus & Millichap’s Austin office, represented the seller and procured the buyer.

“Investor demand for apartments in Texas’ secondary markets like Waco remains high with more and more buyers aggressively seeking opportunities in such markets,” says James. 

“This asset received a great deal of interest due to its location adjacent to the large Central Texas Marketplace shopping center and proximity to Waco’s healthcare job centers,” adds Myers.

            Built in 2005 on 11 acres at 5210 Bagby Ave. in Waco, the community is located at Waco’s most prominent highway exchange, the intersection of Interstate 35 and Loop 340/Highway 6. 

The Central Texas Marketplace is an 800,000-square-foot open-air retail center is within walking distance, and employers such as Baylor University, L-3 Communications Integrated Systems and the Waco Independent School District are nearby.

Kent Myers
Apartments at The Residence at Central Texas Marketplace feature crown moldings, built-in computer desks and kitchens with faux-granite countertops and black Whirlpool appliances.

 Select units have nine-foot ceilings and vinyl wood-plank flooring. 

Community amenities include controlled access gates, a resort-style swimming pool, a fitness center, a business center, detached garages, covered parking, a car wash, social areas with grills and exterior storage units.

For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager

(925) 953-1716

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