PROPERTY INFO
129
2023
Single-Family Rental
994 SF
128,287 SF
1
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Year Built
Product Type
Avg. Unit Size
Total Rentable Area
Stories
Concrete Slab
Pitched
Concrete Block
Foundation
Roof
Construction
The Waco International Aviation Park and McGregor Industrial Park are primarily aerospace focused and are home to L3Harris, SpaceX, and Ferguson Enterprises. SpaceX employs roughly 500 people and is currently investing $10M to expand their site’s presence and capabilities.
Spanning over 300,000 square feet of office and lab space, the Baylor Research and Innovation Collaborative (BRIC) focuses on innovation, R&D, and entrepreneurship. It is the anchor facility of the newly formed, 21-acre discovery complex that will evolve into the Central Texas Technology and Research Park.
CLOSE PROXIMITY TO MAJOR EMPLOYMENT DRIVERS
Amazon has recently announced the construction of a new fulfillment center that will bring over 1,000 new jobs to Waco and demonstrates the potential of Waco’s economy. Waco’s central location within the Texas Triangle has made it a target of large industrial developments seeking affordability without sacrificing access to the Texas Triangle metros. The three-story robotic fulfillment center represents a $200M capital investment and is slated to be completed later this year.
AMAZON, NEW DEVELOPMENTS POISED TO MAKE SPLASH IN WACO
Residents at Woodhollow are within a 15-minute drive to many of Waco’s largest retail centers like Lake Air Mall and Richland Mall that feature premier retailers like Target, HEB, Home Depot, and Dicks Sporting Goods with a WalMart, Academy Sports, and Lowe’s within the same distance. A myriad of fast-casual restaurants are located in the same retail trade area of Lake Air and Richland Malls including Chick Fil A, Starbucks, Chipotle, and Cheddar’s Scratch Kitchen to name a few. Woodhollow has frontage on Lake Shore Blvd which provides quck and easy access.
PREFERRED NORTHWEST LOCATION PROVIDES CONNECTIVITY, QUICK ACCESS TO LAKE WACO
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220 UNITS | BUILT IN 1984 | UNPRICED OFFERING
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220 UNITS | BUILT IN 1984 | UNPRICED OFFERING
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
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AUSTIN OFFICE
2500 Bee Cave Rd.
Building 3, Suite 550
Austin, TX 78746
512.226.8700
INVESTMENT SALES
MORTGAGE BANKING
Cameron Hart
Senior Director
512.226.8708
cameron.hart@berkadia.com
Justin Cole
Managing Director
512.226.8711
justin.cole@berkadia.com
Kelly Witherspoon
Senior Managing Director
512.226.8706
kelly.witherspoon@berkadia.com
Adam Sumrall
Director
512.960.2674
adam.sumrall@berkadia.com
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The Opportunity
Woodhollow (the “Property”) is a 220-unit, garden-style apartment community located in the thriving city of Waco, Texas. Built in 1984, the property encompasses 11 garden-style residential buildings efficiently situated on 11.2 acres with a density of 19.6 units per acre on wooded grounds. Situated on prestigious Lakeshore Drive, Woodhollow is just minutes away from Lake Waco in the desirable northwest portion of the city. Woodhollow’s residents have easy access to the largest employment drivers and shopping centers in Waco in addition to the superior recreational offering.
Waco has historically been known as the home of the Baylor Bears, but over the past 20 years it has found itself at the heart of the nation’s most pronounced migration surge and economic boom. Centrally located in the region known as the Texas Triangle, Waco has benefitted from the huge growth seen in the Texas Triangle Metros: Austin, DFW, San Antonio, and Houston. Many businesses are drawn to Waco for its strategic location and affordability with the latest examples being Amazon’s new three-story robotics fulfillment center and Hello Bello’s first US Diaper Manufacturing Center. People also gravitate to Waco for its quaint, charming lifestyle that has been highlighted in the hit HGTV show Fixer Upper.
The economic growth of the region has been astounding and there appears to be no sign of a slowdown. Despite the COVID19 pandemic, companies and people are continuing to target Waco which bodes well for future apartment fundamentals. Woodhollow presents an investor with the opportunity to acquire a strong performing, well-maintained asset that is ripe for an interior renovation program, further enhancing future rent growth potential and maximizing long term appreciation.
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