Killeen 93 Unit Portfolio
Multifamily Portfolio | $57,795/unit | 7 Properties
Marketing description
Matthews™ is pleased to present a value-add opportunity consisting of seven
multifamily properties located throughout Killeen and Copperas Cove, Texas.
This portfolio totals 93 units and is offered at an asking price of $5,375,000,
reflecting a 7.5% in-place cap rate and a 6.84% proforma cap rate with light
updates. Approximately 85% of the assets are situated within a three-mile
radius, providing efficiencies through centralized management and maintenance.
The properties are positioned near major transportation corridors, offering
access to the broader Killeen–Fort Cavazos metropolitan area.
The portfolio features well-maintained 1960s and 1970s vintage assets, constructed
between 1965 and 1978, with current occupancy at approximately 90%. Units
approximately 617 square feet, with individual unit sizes estimated. The current
owner has not completed renovations since acquiring the properties in 2021, and
all units remain in classic condition. Only four units currently offer washer and
dryer connections, highlighting upside through interior improvements.
Killeen’s economic foundation is anchored by Fort Hood, one of the largest
military installations in the United States and a primary driver of regional housing
demand. The nearby base supports active-duty personnel, civilian employees,
and contractors, sustaining rental demand. The median home price in Killeen is
approximately $220,000, reinforcing the need for affordable rental housing.
Investors are presented with strategies including professional management,
reducing repair and maintenance expenses, implementing water bill-back
programs, and increasing rents by approximately 10% without renovations or up to
20% with light renovations. These factors position the portfolio to enhance cash
flow and unlock long-term value area.
Investment highlights
Significant value-add opportunity with potential to increase rents by 10%+ through strategic renovations and operational enhancements, and 20% with light unit renovations.
Desirable unit mix consisting of 58 one-bedroom, 30 two-bedroom, and 5 three-bedroom units, catering to a broad tenant demographic.
Located in Killeen, home to Fort Hood (formerly Fort Cavazos), one of the largest U.S. military installations—providing a stable and consistent tenant base driven by active-duty military personnel.
Killeen benefits from strong in-migration trends supported by its relative housing affordability compared to major Texas metros.
Offered at an attractive cost basis, presenting upside potential for long term value appreciation.
Market supported by solid local demographics, including a median household income of approximately $60,000.
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