The Multifamily Group (TMG), a Dallas-based commercial real estate brokerage firm, announced that it had facilitated Century Oaks Apartments sale in Killeen. Managing Partner Paul Yazbeck represented the seller and Advisor Zach Weik and procured the buyer.
“I had the opportunity to work with the seller on his acquisition of this property in September 2018, and this is the second apartment community that he’s taken full cycle in Killeen now. It is great to see how much value he was able to add to the property during his ownership.”, said Yazbeck.
Century Oaks was constructed in 1978 and 1979, with its units averaging 695 square feet. The new owner has the opportunity to install light upgrades across turned units to attain rent premiums. Units that have already installed these improvements are achieving the targeted rent premiums for the area.
Additionally, Killeen has been rising in recent years, with a growing population at almost twice the national average. The city recently ranked as one of U.S News & World Report’s Top 100 Places to Live. The Killeen-Temple MSA recorded one of the most significant gains among large cities per the Milken Institute Review of Best-Performing Cities (2017).
“I see an amazing future for Dwellyn and Brookeast Capital. I am humbled I was able to be part of their journey and help them win this deal. They knew what they wanted since day one and executed their vision. Every challenge was delivered with a solution. A real dream client to work with.”, added Weik.