Century Plaza
256 Units Built In 1966 in Killeen, TX
Marketing description
Summary:
The Multifamily Group is proud to offer Century Plaza, a compelling value-add investment opportunity located in Killeen, Texas. Constructed in 1966, Century Plaza is a 256-unit community with an average
unit size of 666 square feet, currently 84% occupied. The property offers a mix of one- and two-bedroom floorplans, including select townhome-style layouts. An attractive assumable loan is available, with an outstanding balance of $9,800,000, a 4.15% interest rate, and approximately three years remaining on the term. Additionally, the property is eligible for new agency financing.
Location:
Killeen is experiencing a strong wave of growth and reinvestment, signaling a shift from a primarily military-driven town into a more diversified and expanding Central Texas market. A major catalyst is the
proposed new City Hall project, with an estimated budget of approximately $155 million. This development is expected to anchor broader downtown revitalization efforts and attract additional public and private investment to the area. Infrastructure improvements are also advancing across the city. Killeen’s Capital Improvement Program includes multiple road, utility, and public facility upgrades, with key projects along corridors like Chaparral Road. Regionally, the continued expansion of Interstate-14 (U.S.-190) is improving connectivity to I-35, Austin, and the surrounding Central Texas corridor, supporting both population growth and commuter access.
Retail and commercial development is accelerating as well. The Killeen Mall is undergoing revitalization after its recent acquisition, with new tenants such as HomeGoods, T.J. Maxx, and Five Below opening through 2025. Additional projects along major corridors include LongHorn Steakhouse, Crunch Fitness, QuikTrip, and other service-based businesses, reflecting increasing consumer demand and population growth.
Education remains a long-term growth driver. Texas A&M-Central Texas continues expanding its cam-
pus with new academic buildings, student housing, and planned recreational and athletic facilities,
contributing to sustained economic activity in the area.
Investment highlights
• Assumable Loan with $9.8MM Remaining, a 4.15% Interest Rate,
and 3 years Remaining on the Term, or Qualifies for a New Agency Loan
• Roofs are Only 6 Years Old - Individual HVACs - Copper Wiring Throughout
• Successful Tax Protest Lowered Assessed Value by $1.2MM
• $55,000 AMI in a 5-Mile Radius - Yardi
• Killeen-Temple Metro has over 500,000 Residents
• Killeen is Receiving Retail Revitalization, City Hall Construction, and Infrastructure
Upgrades
• Killeen was Recently Ranked as One of the Fastest-Growing Cities by U.S.
News & World Report
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