The Willows Apartments (232 Units) in Killeen, TX Closed June 10, 2016
KILLEEN, TX – A California investor purchased The Willows Apartments on June 10, 2016. The property traded at an undisclosed price. Ellen Muskin and Daniel Elam of Muskin Commercial, LLC represented the Sellers in this transaction. Rich Heine with Southwest Investment Properties represented the Buyer. Financing was provided by the First State Bank of Killeen, and will be managed by Asset Plus Management of Houston.
This attractive project is centrally located in Killeen, Texas (about 65 minutes north of Austin, one hour south of Waco and 30 minutes west of Temple). Killeen is in the “Hill and Lake” country of Central Texas, and the property is situated between Belton and Still House Lakes, which provide great recreational opportunities. The Willows has historically enjoyed a good reputation among Killeen renters, some of whom even work in Austin, and surrounding areas, yet enjoy the quality of life in this smaller city.
Built in 1983 by the current Owners, the property is brick and siding construction with pitched composition shingle roofs and sits on approximately 8.24 acres of land (per Bell CAD). There is a good mix of one, two and three-bedroom units in fifteen (15) separate buildings. The property has an average unit size of 715+/- SF, two swimming pools and is surrounded by mature oak trees and landscaping, and offers residents a density of approximately 28 units per acre (UPA), creating lots of open green spaces.
Killeen’s leading fields of employment include government, educational services, accommodation, construction, healthcare and food services, finance and insurance. About 25% of the workforce is employed in sales and office occupations. Major employers include Fort Hood, Killeen ISD (Independent School District), Seton Medical Center Harker Heights, Texas A&M Central Texas, Central Texas College, Aegis, Killeen Mall and Market Heights Shopping Center, Walmart, Metroplex Adventist Hospital, HEB Grocery, Kmart Corp. and Mantech Telecommunications.
Posted on Friday, July 22, 2016