Texas Class A Multifamily Development - Invest Alongside an Institutional Partner

Asset type: Apartment · Location: Waco, Texas

Parkspring Multifamily (the “Sponsor”), is seeking to secure a joint venture equity investment of $5,000,000 (portion of $23M Total) for the development of The Commons at Cottonwood Creek, a 372-unit workforce housing development. The site is strategically located near Interstate 35 and W Loop 340 within the Cottonwood Creek Master Plan Development. Parkspring has thoughtfully designed a very efficient product type which reduces construction costs while not sacrificing interior finish levels. The Commons at Cottonwood Creek’s finishes will rival new Class A suburban developments with 2cm granite countertops in the kitchen and bathroom areas, stainless steel appliances, washer & dryer in every unit, 36” cabinets, 9’ ceilings, and vinyl plank flooring throughout. These finishes will allow renters to enjoy luxury living without stretching their budgets as effective rents at the Property are projected to be $179 below adjacent Class A new construction despite offering similar interior amenities. Additionally, attractive cost basis of $178k/unit compares very favorable to the recent sale of The Legend (rent comparable) for $197k/unit.