Elevate Apartments
Summary:
The Multifamily Group is pleased to present the exclusive offering of Elevate, a unique opportunity in Waco, Texas. Built in 2009, the property consists of 374 beds and features fully furnished one-, three-, and four-bedroom floor plans. Notably, 88% of the units (94) are three- or four-bedroom layouts. Elevate is currently 87% occupied, while the surrounding submarket maintains a strong occupancy of approximately 93% (Yardi). The current ownership has invested more than $2.1 million in capital improvements at the property (report available upon request). Elevate is being offered free and clear of existing debt.
Value-Add:
• Complete Operational Improvements to Improve Occupancy to Submarket Occupancy Averages 93%
• Lower Operating Expenses by bringing Admin and Payroll to Market Averages
• Lease out the 1,764 SF of Retail Space for Approximately $25/SF/Year
Location:
Located in the heart of Downtown Waco, Elevate Apartments offers residents convenient access to some of the city’s most popular destinations. The property sits on Washington Avenue, just minutes from Baylor University and within walking distance of Magnolia Market at the Silos, one of Waco’s most visited retail and entertainment districts. Residents benefit from proximity to a variety of dining and entertainment options, including Union Hall, Ninfa’s, Cricket’s Grill & Drafthouse, and Terry Black’s BBQ. Major shopping destinations such as H-E-B, Super Walmart, and Sam’s Club are only a short drive away. Outdoor recreation is easily accessible with Cameron Park, the Brazos Riverwalk, and McLane Stadium nearby, making the area attractive to students and young professionals alike. The ongoing revitalization of Downtown Waco is further supported by the city’s planned $1.4 billion redevelopment initiative, which will introduce new mixed-use development, entertainment venues, and hospitality space designed to enhance the area’s economic and cultural activity.
Property Description
- $2.8MM+ in Value Enhancement through Improving Occupancy, Reducing Payroll, and Leasing Out the Retail Space
- $2.1MM Invested into the Property by the Current Owner
- Attractive Price/Bed Basis; Fully Furnished Units
- 88% are 3-4 Bedroom Units - 1,100 - 1,280+ SF
- Fall 2026 Pre-Leasing is >15% Higher than in 2025
- Within Walking Distance of Magnolia Market at the Silos
- Projected 16% Cash-on-Cash Averaged Over 5 Years
- $1.4B Downtown Redevelopment Planned Across 100+ Acres along the Brazos River, Featuring a Convention Center, Performing Arts Venue, Hotel, Ballpark, and Mixed-Use Town Center
- Waco’s Metro Area Serves 305,000+ Residents
- Baylor University Enrolled ~20,000 Students in Fall 2025, Driving Strong Rental Demand
Broker Details
The Multifamily Group
972-379-9843
MLS ID: 0635789 State License Number: 0635789
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Listing Type: | Highest & best offer |
| No. of Units: | 106 |
| Year Built: | 2009 |
| Lot Size: | 3.34 Acres |
| No. of Stories: | 5 |
| APN: | 178496, 351070 |
| Opportunity Zone: | No |
| Property Website | Click Here |
Additional contacts
| Full name | Phone number | Email address |
|---|---|---|
| Paul Yazbeck | 972-310-1032 | [email protected] |
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