Independence Meadows Apartments | Smithville, TX
Multifamily | 7.70% CAP | 42 Units
Marketing description
SAB Capital presents Independence Meadows Apartments, an elderly-designated multifamily community located approximately 45 miles southeast of Austin, Texas.
The 42-unit property is supported by a Project-Based Section 8 HAP contract, renewed under Option 3b in 2018 for a 20-year term.
Originally constructed in 1980, the property underwent substantial renovations in 2019 through the Mark-to-Market Green Initiative program. Improvements included energy and water efficiency upgrades. The property spans 7.15 acres and consists of 22 buildings. The unit mix includes 16 one-bedroom, 16 two-bedroom, and 10 three-bedroom units.
The property includes a leasing office and playground. The buildings feature masonry construction and pitched asphalt shingle roofs.
Investment highlights
Independence Meadows Apartments in Smithville, TX | 45 Miles Southeast of Austin | 4th Largest City in Texas
100% Project Based Section 8 Subsidy Contract | Renewed Under Option 3b in 2018 for 20 Years
Underwent Full Mark-to-Market Restructuring in 2018 | Green Initiative | Use Agreement in Place Through 2048
Oversized 7.15 Acre Parcel | Favorable Unit Mix 62% of Units are 2 & 3 Bedrooms
Located 22 Miles Southeast of Bastrop SpaceX Facility | Expected to Increase by 1M Square Feet | $280M in Capital Investment
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