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Century Oaks Can Achieve Rent Premiums with Upgrades
Century Oaks in Killeen was constructed in 1978 and 1979, with its units averaging 695 square feet. The multifamily property recently sold to an undisclosed buyer and terms were undisclosed.
The new owner has the opportunity to install light upgrades within turned units to attain rent premiums. Units with these types of improvements are achieving the targeted rent premiums for the area.
Dallas-based The Multifamily Group’s Paul Yazbeck represented the seller and Zach Weik 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.
Killeen has an increasing population with growth rates at almost twice the national average. The city recently ranked as one of U.S News & World Report’s Top 100 Places to Live.
- ◦Sale/Acquisition
