The largest apartment complex in Waco has been sold, according to announcement from Austin real estate brokers that worked on the deal.
The Sanger Oaks Apartments in Waco, a 327-unit apartment complex located at 5000 Sanger Ave. formerly known as The Commons on Sanger Apartments, sold for an undisclosed price to Dallas-based CrestMarc Woodstock Properties LLC, according to Transwestern Austin.
Transwestern’s Austin Multifamily Group, headed by Jeff Rogers and Chris Stutzman, represented the seller, Midland Loan Services of Overland Park, Kan.
“Both buyer and seller were pleased to close the transaction in the current difficult debt and equity environment” said Chris Stutzman, managing director for Transwestern’s Austin Multifamily Group.
“The buyer, with their vast experience in the multifamily industry along with the talented on-site staff, will be able to quickly reposition Sanger Oaks into a highly respected and sought after residential community.”
Midland Loan Services received the property back pre-foreclosure from the previous borrower in May 2008. While anticipating an eventual sale, it maintained the site while making slight improvements, but left the major renovation projects for the ultimate buyer, Stutzman said.
The purchase is CrestMarc’s first in the Waco market, the company said.
The Sanger Oaks Apartments are an “excellent fit” for CrestMarc, Stutzman said, adding the company has long-term experience with property renovation and repositioning. The new owner has plans for both interior and exterior renovations to the property, he said.
Developed in two phases in 1978 and 1979, Sanger Oaks is a Class B project containing 22 two-story buildings situated over 14 acres. Units range from 600-square-foot, one-bedrooms to 800-square-foot, two-room units, for a total of 218,600 square feet of living space. The property also contains an on-site management and leasing office, two swimming pools, a fitness facility and two tennis courts.