The Multifamily Group (TMG) represented Zidell Companies in the sale of the 216-unit Saddle Brook West Apartments, a multifamily property at 9821 Chapel Rd. in Waco, TX. Dallas-based Zidell Cos., which delivered the asset in 2001, struck the deal with buyer, Juniper Investment Group of Houston. The new owner has rebranded the complex as Flats on Chapel.
The property, situated on 11 acres, traded at just over a 5% cap rate. TMG’s Paul Yazbeck said that the trade proves that the Central Texas region is becoming “a viable candidate, with extreme cap-rate compression afflicting the primary metros.”
The property offers one, two and three-bedroom units measuring from 719 to 1,113 square feet. Monthly rents are between $861 and $1,247. Amenities include a swimming pool, hot tub and dog park.
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