215 Washington Ave Waco, TX 76701

Elevate, constructed in 2009, presents a multifamily investment opportunity in Waco, Texas. The property features 374 beds with fully furnished one-, three-, and four-bedroom floor plans. A significant portion, 88% or 94 units, consists of three- and four-bedroom layouts. The property is currently 75% occupied, while the surrounding submarket maintains approximately 93% occupancy. The current ownership has invested over $2.1 million in capital improvements. The property is offered free and clear of existing debt. There is a value-add opportunity to improve occupancy to submarket averages and lower operating expenses. Additionally, there is 1,764 square feet of retail space available for lease. Located in Downtown Waco on Washington Avenue, Elevate Apartments provides convenient access to various destinations. It is minutes from Baylor University and within walking distance of Magnolia Market at the Silos. Residents benefit from proximity to dining and entertainment options, including Union Hall, Ninfa’s, Cricket’s Grill & Drafthouse, and Terry Black’s BBQ. Major shopping destinations such as H-E-B, Super Walmart, and Sam’s Club are a short drive away. Outdoor recreation is easily accessible with Cameron Park, the Brazos Riverwalk, and McLane Stadium nearby. The city’s planned $1.4 billion redevelopment initiative will introduce new mixed-use development, entertainment venues, and hospitality space.