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Land For Sale • 18.98 AC
Vanguard Real Estate Advisors (“VREA”) has been exclusively retained by Ownership to offer an 18.98+/- acre multifamily development site located along Ritchie Road in the Waco, TX ETJ (the “Site”). The Site is accessible via Ritchie Road, Devonshire Road, and is less than 2 miles east of Interstate 35. Ownership has completed plans, to be conveyed at closing, for a Phase 1, 278 unit garden-style project on approximately 9.74+/- acres that is fronting Ritchie Road. This leaves the remaining 9.24+/- acres for a Phase 2 on which Ownership anticipates 280+/- additional units can be built. This is an exceptional opportunity to acquire a property in the path of growth at a price of only $6.00 per square foot. A 1% co-broker fee is available to a Co-Broker that sources a Principal that VREA has not previously contacted in any format or sent information regarding this opportunity. A third-party broker must identify their client upon initial contact with VREA.
| Located approximately 2 miles east of Interstate 35,providing direct access to Dallas, Austin and San Antonio. |
| The Site is adjacent to the City of Hewitt and also located 9 miles southwest of downtown Waco. |
| The Site is within the Waco ETJ, which is beneficial to a developer given it is not burdened by the typical zoning constraints. |
| Seller has complete plans for a 278 unit garden style deal on only 9.74+- acres of the Site leaving the remaining 9.24+/- acres for development. |
| According to Costar, multifamily asking rents are projected to grow by 3.5% in the next 12-months in the Waco market. |
| In regard to the phase 1 plans, Ownership had received an invitation letter for a HUD 221 (d)(4) loan in the past. |
| Airport | Drive | Walk | Distance |
|---|---|---|---|
| Waco Regional | 34 min | - | 16.7 mi |
| Killeen Municipal | 56 min | - | 49.2 mi |
Jordan Cortez
Vanguard Real Estate Advisors
Jordan Cortez
Vanguard Real Estate Advisors
