Eastgate Village Apartments

07-01-2022
07-11-2022

908 Adams Ave, Killeen, TX 76541

  • $1.1M+ in Asset Improvement Upside Through Value-Add Implementation – $186 Below Market Rents
  • Rents in the Submarket Have Increased by 9.1% 2022 YTD
  • Exceptional Killeen Location – Proximate to Fort Hood (~50,000 Employees)
  • 475,367 MSA Population – 20% Increase From 2010 to 2020 and More Than Half of the Residents Are Renting – U.S. Census Bureau
  • Offered Free and Clear of Any Existing Debt

Property Description

The Multifamily Group is pleased to present the exclusive offering of Eastgate Village, a unique, value-add opportunity in Killeen, Texas, just 60-miles north of the state capital, Austin. Constructed in 1969, Eastgate Village consists of 58 units averaging 668 square feet. There are three floorplans - 1 bedroom/1 bathroom (51 units), 2 bedroom/1 bathroom (6 units), 3 bedroom/2 bathroom (1 unit). The average effective rents are $592/month ($0.89 PSF), $186 below market averages. The subject is 66% occupied with strong occupancy rates in the submarket of 97%. Effective rent growth has steadily increased for the Killeen/Fort Hood area at 9.1% year-to-date as of June 2022 (CoStar).

There is an opportunity to add significant value to Eastgate Village. More than half of the units have moderate interior upgrades. New ownership can continue to improve upon these units, along with the remaining non-renovated units. One of the units is being used as a leasing office. This unit can be converted into a rentable unit. Additionally, a cable and internet package can be implemented, and tenants can be charged for pet fees and rent. Carports could be installed, and tenants charged for reserved and covered parking. Eastgate Village is being offered free and clear of any existing debt. Killeen has recently been named the #3 housing market to watch in the nation, the #5 hottest housing market by Forbes, and one of the most recession-resistant cities by SmartAsset. Killeen is the #5 best place to live in Texas according to U.S. News and World Report, and Killeen ISD has earned an overall A rating by Niche.

The property is within 1.5-miles of the junction of Interstate-14 and U.S. Bus. Highway-190. It is within walking distance of Central Texas College (6,173 students and 2,448 employees). Killeen is a burgeoning city in the heart of the Grand Central Texas Region, strategically located within 190-miles of 80% of Texas’s population. 475,367 people reside in the Killeen MSA. The population rose 20% from 2010 to 2020, and more than half of the residents are renting - U.S. Census Bureau. Killeen is home to 20 parks, hiking and bike trails, and numerous golf courses. The Central Texas State Fair, Killeen Rodeo, Mayborn Science Theater, and Nature in Lights are among the attractions which provide year-round entertainment for families. Killeen is also home to the largest active duty base of the U.S. Armed Forces, Fort Hood.

Additionally, there is land next to the property that can be purchased separately.

Unit Mix

Description No. of Units Sq ft. Avg. Monthly Rent
1-1 51 640 $ 0
2-1 6 803 $ 0
3-2 1 1,300 $ 0

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Multifamily type
Garden Style
No. of Units
58
Average Occupancy
66%
Year Built
1969
Building Size
38,758 Sq ft
Lot Size
79714.8 acres
No. of Stories
2
Opportunity Zone
No
Price per unit
$ 0
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