In March 2022 Pacific Sands closed on its first property in Texas Market. The property is located within the quickly growing community of Waco. The city of Waco recently came in at #7 on the Emerging Housing Market Index developed by the Wall Street Journal and Realtor.com. The property is comprised of 152 units, which includes a healthy mixture of 1, 2, and 3-bedroom units with patios.
Our capital improvement plan will consist of interior upgrades to roughly 40 units, and exterior renovations. Some of the exterior renovations will include improved amenities, such as a dog park and gym, new exterior paint, private yards for the ground-floor units, repaving portions of the parking lot, and updating the landscaping. The interior rehab will include new flooring, upgraded hardware, refreshed paint, and upgraded cabinetry and counters in the kitchen and bathrooms. The renovation will be approximately $820,000 total, or $5,400 per unit (averaged out for all units).