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3300-3310 E Rancier Ave
Killeen, TX 76543
Century Plaza Apartments · Multifamily Property For Sale
·
256 Units
INVESTMENT HIGHLIGHTS
- Assumable Loan with $9.9MM Remaining, a 4.15% Interest Rate, and 4 years Remaining on the Term
- Successful Tax Protest Lowered Assessed Value by $1.2M
- $55,000 AMI in a 5-Mile Radius - Yardi
- Roofs are Only 5 Years Old - Individual HVACs - Copper Wiring Throughout
- ~12% Cash-on-Cash Returns Averaged Over 5 Years
- Killeen-Temple Metro has over 500,000 Residents
EXECUTIVE SUMMARY
Summary:
The Multifamily Group is pleased to present Century Plaza, an exclusive value-add investment opportunity in Killeen, Texas. Built in 1966, the property comprises 256 units with an average size of 666 square feet. Century Plaza offers a variety of one- and two-bedroom floorplans, including townhome-style layouts. The asset is currently 87% occupied, with submarket occupancy averaging a healthy 94%. An attractive assumable loan is in place, featuring a remaining balance of $9,900,000, a 4.15% interest rate, and four years remaining on the term. Century Plaza also qualifies for a new agency loan.
Location:
Killeen is experiencing a wave of new developments including a new City Hall that is in the works with a proposed budget between $155 million, signaling a major revitalization effort for downtown Killeen and likely spurring additional infrastructure and civic investment in the surrounding area.
Infrastructure improvements are happening across the city, with ten major road projects currently underway. This includes enhancements to the Chaparral Road corridor and the ongoing expansion of Interstate-14 (U.S. 190) into a six-lane expressway, which will improve connectivity across Killeen and the greater Central Texas region. The city has also committed over $4 million toward the expansion of parks and recreation facilities, including walking trails, playgrounds, and a splash pad.
Retail development is another bright spot, particularly the revitalization of the Killeen Mall. The property was acquired in 2024 and is actively filling its vacant anchor spaces with new tenants such as HomeGoods, T.J.Maxx, and Five Below, with openings planned throughout 2025. Finally, Texas A&M Central Texas continues to expand its nearby campus with new academic buildings, student housing, recreation facilities, and long-term plans for athletics.
The Multifamily Group is pleased to present Century Plaza, an exclusive value-add investment opportunity in Killeen, Texas. Built in 1966, the property comprises 256 units with an average size of 666 square feet. Century Plaza offers a variety of one- and two-bedroom floorplans, including townhome-style layouts. The asset is currently 87% occupied, with submarket occupancy averaging a healthy 94%. An attractive assumable loan is in place, featuring a remaining balance of $9,900,000, a 4.15% interest rate, and four years remaining on the term. Century Plaza also qualifies for a new agency loan.
Location:
Killeen is experiencing a wave of new developments including a new City Hall that is in the works with a proposed budget between $155 million, signaling a major revitalization effort for downtown Killeen and likely spurring additional infrastructure and civic investment in the surrounding area.
Infrastructure improvements are happening across the city, with ten major road projects currently underway. This includes enhancements to the Chaparral Road corridor and the ongoing expansion of Interstate-14 (U.S. 190) into a six-lane expressway, which will improve connectivity across Killeen and the greater Central Texas region. The city has also committed over $4 million toward the expansion of parks and recreation facilities, including walking trails, playgrounds, and a splash pad.
Retail development is another bright spot, particularly the revitalization of the Killeen Mall. The property was acquired in 2024 and is actively filling its vacant anchor spaces with new tenants such as HomeGoods, T.J.Maxx, and Five Below, with openings planned throughout 2025. Finally, Texas A&M Central Texas continues to expand its nearby campus with new academic buildings, student housing, recreation facilities, and long-term plans for athletics.
PROPERTY FACTS Under Contract
| Sale Type | Investment | Lot Size | 8.28 AC |
| No. Units | 256 | Building Size | 170,372 SF |
| Property Type | Multifamily | Average Occupancy | 86% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built | 1966 |
| Building Class | C | Parking Ratio | 2.3/1,000 SF |
| Zoning | R-3 | ||
| Sale Type | Investment |
| No. Units | 256 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 8.28 AC |
| Building Size | 170,372 SF |
| Average Occupancy | 86% |
| No. Stories | 2 |
| Year Built | 1966 |
| Parking Ratio | 2.3/1,000 SF |
| Zoning | R-3 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Heating
- Ceiling Fans
- Kitchen
- Hardwood Floors
- Range
- Tub/Shower
- Walk-In Closets
- Carpet
- Dining Room
- Patio
- Vinyl Flooring
SITE AMENITIES
- Controlled Access
- Fitness Center
- Laundry Facilities
- Picnic Area
- Playground
- Pool
- Property Manager on Site
- Gated
- Basketball Court
- Gameroom
- Grill
- Pet Play Area
- Maintenance on site
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 136 | - | 525 - 570 |
| 2+1 | 56 | - | 735 |
| 2+1.5 | 64 | - | 795 - 992 |
PROPERTY TAXES
| Parcel Number | 132177 | Improvements Assessment | $17,136,160 CAD |
| Land Assessment | $693,371 CAD | Total Assessment | $17,829,530 CAD |
PROPERTY TAXES
Parcel Number
132177
Land Assessment
$693,371 CAD
Improvements Assessment
$17,136,160 CAD
Total Assessment
$17,829,530 CAD
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