Pacific Sands Funds has acquired The Richland Springs Apartments, a 152-unit community in Waco, Texas. Terrydale Capital secured a 12-month, non-recourse, 3.55 percent fixed-rate $11.2 million loan for the acquisition, according to the company’s LinkedIn profile. The acquisition is part of the firm’s investment plan in southern California, Kansas and Missouri.
Completed in 1972, the property occupies 9 acres and comprises 19 buildings with one-, two- and three-bedroom floorplans, ranging from 660 to 1,107 square feet, with laundry facilities and 300 parking spaces.
The buyer plans to revamp the property’s interior by changing the flooring, upgrading the hardware, painting, cabinetry and counters. Exterior upgrades will include a new dog park, gym and private yards for select units and upgrading the lighting and landscaping.
Located at 344 Richland Drive, the community is close to retail options, within 1 mile of Richland Mall and 2 miles of Walmart Supercenter. Ascension Providence Hospital is 2 miles away from the property. Various dining options located along West Loop 340 are roughly 1 mile from The Richland Springs Apartments.
Central East Texas registered a 9.5 percent rent growth, year-over-year as of January. Currently, the market has five properties under construction and 10 in the planning stages that will add more than 2,300 units to the existing inventory, Yardi Matrix data shows.