James-Myers of Marcus & Millichap is pleased to present a 625-unit Killeen Portfolio
Caesar’s Palace, Century Plaza and Commander’s Palace are well-maintained Class C assets located in Killeen, Texas. This unique portfolio encompasses three properties totaling 625 units. The highly desired unit mix is comprised of spacious one, two, and three-bedroom floor plans ranging from 510 to 992 square feet. The properties were constructed in various phases ranging from 1965 to 1977 and are situated on 21.7 combined total acres. Each of the properties are strategically located within 3.5 miles of each other allowing for ease of management.
Killeen: Expanding Secondary Market
The Waco-Temple-Killeen Metropolitan Statistical Area is located in one of the fastest growing economic corridors in the nation. Killeen is situated 60 miles north of Austin and 136 miles south of Dallas/Fort Worth. The city of Killeen serves as the home to Fort Hood, the largest active duty armored post in the United States Armed Services. Killeen boasts rapid growth in all areas of the economy including population growth, business, medical industry, retail services, entertainment and educational facilities. The population of Killeen is currently estimated at over 127,921, an increase of 47 percent since 2000.
The Killeen Portfolio offers investors an excellent opportunity to capture a Class C, value-add, opportunity in an expanding market. With declining vacancy rates, growing rents, and limited new construction, these assets serve as a reliable source of cash flow and future appreciation in one of the state’s most desirable secondary markets.
The Killeen Portfolio is strategically situated along Hallmark Avenue and Rancier Avenue with convenient access to Highway 190, the major thoroughfare which bisects the city. The portfolio is well-positioned near several national retailers and major employers including Fort Hood, Texas A&M-Central Texas University and Metroplex Hospital. Only minutes from the main entrance to Fort Hood, military personnel living off-base enjoy convenient access. The Waco-Temple-Killeen MSA also serves as the regional healthcare hub boasting a broad range of services for much of central Texas.
Apartment Market Demand
Demand for Class C multifamily apartments has experienced explosive growth in this market. The average occupancy is currently at 93 percent and poised for continuous rent growth. With limited new construction, this portfolio offering represents a strong investment opportunity with an excellent location in a strong secondary market.