The Springs at 1100

12-07-2021
01-05-2022

1100 Willow Springs Rd, Killeen, TX 76549

  • $75-$150+/Unit/Month In Proven Value-Add Upside – $207,000 Potential Increase In Revenue - With Moderate To Premium Upgrades
  • ​Exceptional Location - Proximate To Restaurants, Shopping, And Entertainment
  • ​Strategically Located Just Off Interstate 14
  • ​Well-Positioned Asset Ready For Value-Add Implementation
  • ​Strategic Floorplans Align With Strong Killeen Schools
  • ​Unit Mix That Offers Large Floorplans - 715 Sf Average
  • ​96% Occupied - Opportunity To Acquire A Nearly Fully Leased Asset
  • ​Offered Free And Clear Of Any Existing Debt

Property Description

The Multifamily Group is pleased to present the exclusive offering of The Springs at 1100, a unique, value-add opportunity in Killeen, TX.​

Constructed in 1983, The Springs at 1100 consists of 232 units averaging 715 square feet.​ The property offers a great unit mix with 11 different floor types ranging from one-bedroom to three-bedrooms.​

The property maintains a high average occupancy of 96% with strong occupancy rates in the submarket at 95% as of Q3-2021 (Yardi).​ Effective rent growth has risen drastically for the Killeen/Fort Hood area at 10% year-to-date in 2021 (CoStar).​ The asset is in a prime location, just 60-miles north of the state capitol, Austin, less than a mile to Interstate 14, and minutes from the junction of U.​S.​ Highway 190 and Business 190.​

Current ownership has spent significant capital on renovations.​ The parking lot was top coated in 2020, 92 units have been renovated to the LUX floorplan and 49 units have been renovated to the MOD floorplan, 240 showerheads and 357 aerators have been replaced with lower consumption fixtures, and 198 HVAC units have been replaced.​ The pool is being upgraded with fresh paint, sand replacement, and a new light fixture.​

Killeen is a burgeoning city in the heart of the Grand Central Texas Region, primely located on U.​S.​ Highway 190, within 190-miles of 80% of Texas’s population.​ Killeen is also home to the largest active duty base of the U.​S.​ Armed Forces, Fort Hood.​ The Springs at 1100 is being offered free and clear of any existing debt.​

Unit Mix

Description No. of Units Sq ft. Avg. Monthly Rent
A1 22 548 $ 0
A1LUX 11 548 $ 0
A1 MOD 15 548 $ 0
A2 26 588 $ 0
A2LUX 26 588 $ 0
A2 MOD 12 588 $ 0
B1 43 829 $ 0
B1LUX 48 829 $ 0
B1 MOD 21 829 $ 0
C1LUX 7 1,148 $ 0
C1 MOD 1 1,148 $ 0

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Multifamily type
Garden Style
No. of Units
232
Average Occupancy
96%
Year Built
1983
Building Size
165,968 Sq ft
Lot Size
387,684 Sq ft
No. of Stories
2
APN
41957
No. of Parking Spots
360
Opportunity Zone
Off
Price per unit
$ 0
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