Institutional Property Advisors (IPA), a division of Marcus & Millichap, facilitated the sale of Vantage at Waco, a 288-unit multifamily asset in Waco, Texas.
“Waco’s central location inside the Texas Triangle region places it within 200 miles of all major Texas metropolitan markets,” said Will Balthrope, IPA executive director. “The region is ranked as the fifth-strongest economy in the United States and is home to 53 of Texas’s 54 Fortune 500 companies.”
Balthrope, along with Tommy Lovell III, first vice president investments and Richard Robson, associate, both with Marcus & Millichap in Dallas, represented the seller, Vantage Communities. The buyer is an out-of-state private investor in a 1031 exchange represented by Mandelbaum & Associates/RealTax, repositioning specialists based in Manhattan Beach, California.
“Waco’s bountiful employment opportunities include nearly 32,000 jobs within nine miles of [the] property,” said Lovell. “The city also has three colleges totaling over 30,000 students and 5,400 employees.”
Vantage at Waco is within a five-minute drive of Baylor University and the Magnolia Market shopping complex. Baylor Scott & White Medical Center–Hillcrest, University High School, Central Texas Marketplace and Interstate 35, the main thoroughfare through the Texas Triangle are also nearby. Less than one mile from the community, a 32-acre development project that is expected to be the largest multilevel family entertainment center in the state is nearing completion.
“A key element in executing this transaction is the ability of IPA to identify and secure private and institutional buyers,” said Balthrope. “By covering the entire state with one team that serves all major metros, we can quickly match assets with the most likely buyers, even during times of uncertainty including the global health pandemic. Vantage at Waco gives this new owner the first-generation value-add opportunity that meets their investment criteria.”
Constructed in 2017 on 20 acres, the three-story, garden-style community is composed of 13 residential buildings and an office. The unit mix includes one-, two- and three-bedroom units that average 838 square feet.