18.98+/- Acre Multifamily Development Site - Waco ETJ
Land | 18.975 acres
Marketing description
Vanguard Real Estate Advisors (“VREA”) has been exclusively retained by Ownership to offer an 18.98+/- acre multifamily development site located along Ritchie Road in the Waco, TX ETJ (the “Site”). The Site is accessible via Ritchie Road, Devonshire Road, and is less than 2 miles east of Interstate 35.
Ownership has completed plans, to be conveyed at closing, for a Phase 1, 278 unit garden-style project on approximately 9.74+/- acres that is fronting Ritchie Road. This leaves the remaining 9.24+/- acres for a Phase 2 on which Ownership anticipates 280+/- additional units can be built. This is an exceptional opportunity to acquire a property in the path of growth at a price of only $6.00 per square foot.
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Due Diligence Vault - Waco ETJ 18.975+/- Acres
A 1% co-broker fee is available to a Co-Broker that sources a Principal that VREA has not previously contacted in any format or sent information regarding this opportunity. A third-party broker must identify their client upon initial contact with VREA.
Investment highlights
Strategic Location
Located approximately 2 miles east of Interstate 35, the major north-south thoroughfare in Waco providing direct access to Dallas, Austin and San Antonio.
The Site is adjacent to the City of Hewitt and also located 9 miles southwest of downtown Waco which is home to Baylor University, museums, art galleries, restaurants, and entertainment venues.
Zoning
The Site is within the Waco ETJ, which is beneficial to a developer given it is not burdened by the typical zoning constraints.
Seller has complete plans for a 278 unit garden style deal on only 9.74+- acres of the Site leaving the remaining 9.24+/- acres for additional development. On the remaining 9.24+/- acres, Seller estimates an additional 280 units can be built.
Plans at their current stage along with select third party reports will be conveyed at closing. Phase 1 site plan has received approval from fire marshal per Ownership.
In regard to the phase 1 plans, Ownership had received an invitation letter for a HUD 221 (d)(4) loan in the past in addition to having positive conversations regarding a possible HFC execution on the Site.
Purchaser to verify zoning and uses allowed on the Site.
Population and Demographics
McLennan County, according to the US Census Bureau, had a population of approximately 268,583 in 2023, and the City of Waco had a population of 144,816.
According to Costar, multifamily asking rents are projected to grow by 3.5% in the next 12-months in the Waco market.
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