Overview
Allen Place, situated at 512 Daughtrey Ave in Waco, Texas 76706, is a modern apartment community strategically located near Baylor University. The property offers a diverse range of living spaces, featuring 1/1, 3/2, and 4/2 floor plans designed to accommodate various lifestyle needs. Its prime location provides residents with convenient access to campus, downtown Waco, and essential amenities, making it an ideal home for students, faculty, and young professionals seeking a comfortable and accessible living environment.
The apartments at Allen Place are meticulously designed with contemporary features and
convenience in mind. Select units come fully equipped with modern kitchen appliances, inunit laundry facilities, and thoughtful finishes such as luxury vinyl plank flooring and potential granite countertops. Residents benefit from gated parking, enhancing security and peace of mind. The property is pet-friendly, welcoming both cats and dogs, and offers a range of unit sizes to suit different preferences and budgets.
Beyond its physical amenities, Allen Place is strategically positioned within the Waco
Independent School District, near South Waco Elementary School, Cesar Chavez Middle
School, and University High School. The community's walkable location provides residents with easy access to local shops, restaurants, and entertainment venues. Its proximity to Baylor University and downtown Waco makes it an attractive option for those seeking a blend of comfort, convenience, and vibrant urban living in the heart of Texas.
Investment Highlights
- Prime Location Near Baylor University & Key Amenities: Ideally situated within the “Baylor Bubble,” just two minutes from Baylor University, Allen Place benefits from a stable and diverse tenant base, including students, faculty, and staff, ensuring consistent occupancy and long-term rental demand. Additionally, the property offers convenient access to downtown Waco, Magnolia Market, McLane Stadium, and major retail and dining destinations, enhancing its appeal to a wide range of residents.
- Spacious Floor Plans with Premium In-Unit Amenities: Allen Place features exceptionally large floor plans, averaging 1,123 square feet—larger than 84% of comparable properties in the submarket. Units are thoughtfully designed with oversized closets, washer/dryer connections, kitchen islands, 10-foot ceilings, genuine quartz and granite countertops, and modern appliances, offering both space and high-end finishes that attract and retain quality tenants.
- Strong Market Dynamics: Waco’s robust economy, anchored by Baylor University, a growing healthcare sector, and a thriving tourism industry, provides a solid foundation for sustained rental growth and property appreciation.
- Value-Add Potential: Opportunity to further increase NOI through the continuation of the proven unit upgrade program, which is currently achieving rent premiums of approximately $300 on renovated units. Additionally, there is potential to lease units by the bed, positioning the property as a student-focused asset to capture further rent premiums and maximize income potential.
- Stable Occupancy with Proven Performance: Currently operating at 100% occupancy, demonstrating strong rental demand, tenant retention, and consistent income generation within the submarket.
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