Waters Haven of Killeen

Summary:

The Multifamily Group is pleased to present the exclusive offering of Waters Haven, a unique, value-add opportunity in Killeen, Texas, just 60-miles north of the state capitol, Austin.​ Constructed in 1965, Waters Haven consists of 116 units averaging 734 square feet.​ The average rents are $784/month ($1.07 PSF), ~$160 below market averages.​ The subject is 72% occupied.​ The current owners have invested $869,000+ into the property, with the majority of units renovated and many featuring new HVAC systems, and new boilers were installed.​

Capital Expenditures:

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  $173,000 = General Maintenance and Paint

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  $255,000 = Plumbing ($194,000 on All New Boilers + $71,000 Plumbing Install)

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  $250,000 = HVACs ($115,000 HVAC + $135,000 for HVAC Install)

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  $136,000 = Interior Unit Renovations

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  Request a full breakdown from a TMG broker

Value-Add:

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  Bring the two down units back online - (Unit 206A (1x1 570SF) and Unit 226A (2x1.5 825SF))

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  Increase the billback to the tenants for water

Location:

Killeen was recently recognized as the most affordable, fastest-growing city in the U.​S.​, and in December 2024, it ranked among the Top 10 Best Places to Live in Texas.​ The property benefits from a prime location between U.​S.​ Highway-190 and U.​S.​ Business Highway-190.​ Situated in the heart of the Grand Central Texas Region, Killeen offers strategic access to 80% of Texas’s population within a 190-mile radius.​ The Killeen MSA is home to over 501,000 residents, with more than half of Killeen’s population renting, according to the U.​S.​ Census Bureau.​ Additionally, Killeen is home to Fort Cavazos, the largest active-duty U.​S.​ Army base, further driving demand for rental housing in the area.​

Economic Development & Accolades:

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  Killeen’s 2040 “Moving Forward” Plan

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    The plan focuses on six ‘Big Ideas’ — responsible growth, community culture, downtown revitalization, efficient transportation, vibrant neighborhoods, and local business support — to drive sustainable economic growth and improve residents’ quality of life.​

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    The program has already added 25 new businesses in the first two years.​

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  Texas Downtown Achievement Award - For its efforts in downtown revitalization and community engagement.​

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  Killeen ISD’s Communications Excellence

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    In February 2025, the Killeen ISD Communications Services Department received 50 awards at the Texas Schools Public Relations Association (TSPRA) ceremony, including 24 Gold Stars, 20 Silver Stars, four “Best of Category” honors, and a Crystal Certification of Merit for the Dr.​ Jimmie Don Aycock Middle School dedication.​

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  $869,000+ Invested by Current Owners – Majority of Units Renovated, with Many Featuring New HVAC Systems, and New Boilers Installed

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  ~$160/Unit/Month Under Market Rents

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  68% of the Units are Two-Bedroom Units

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  11% Cash-on-Cash Averaged Over Five Years Once Stabilized

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  $56,000+ Median HH Income in a Five-Mile Radius (Yardi)

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  Less than 10 Minutes from the Largest U.S. Military Base - Fort Cavazos

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  501,333 MSA Population

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  Killeen Recently Ranked as the Most Affordable, Fastest-Growing City in the U.S. & Top 10 Best Places to Live in Texas (U.S. News and World Report & Business Insider)

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  More than Half of the Residents are Renting - U.S. Census Bureau