Pacific Sands Fund acquired The Richland Springs Apartments, a 152-unit community in Waco, Texas. Capital of Terrydale secured an $11.2 million loan at a 3.55% fixed rate for 12 months, without recourse, for the acquisition, according to the company’s LinkedIn profile. The acquisition is part of the company’s investment plan in Southern California, Kansas and Missouri.
Completed in 1972, the property occupies 9 acres and includes 19 buildings with one-, two-, and three-bedroom floor plans, ranging from 660 to 1,107 square feet, with laundry facilities and 300 parking spaces.
The buyer plans to redevelop the interior of the property by changing the flooring, upgrading the hardware, paint, cabinets and counters. Exterior upgrades will include a new dog park, gym and private yards for some units, as well as improved lighting and landscaping.
Located at 344 Richland Drive, the community is close to retail, less than 1 mile from Richland Mall and 2 miles from Walmart Supercenter. Ascension Providence Hospital is 2 miles from the property. Various restaurants located along West Loop 340 are approximately one mile from Richland Springs Apartments.
East-Central Texas saw 9.5% year-over-year rent growth in January. Currently, the market has five properties under construction and 10 in the planning stage that will add more than 2,300 units to the existing inventory, according to Yardi Matrix data.