| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 63rd | Best |
| Demographics | 61st | Best |
| Amenities | 58th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 111 Way, Hewitt, TX, 76643, US |
| Region / Metro | Hewitt |
| Year of Construction | 2008 |
| Units | 120 |
| Transaction Date | 2012-03-01 |
| Transaction Price | $24,400,000 |
| Buyer | AP Real Estate LLC (c/o CBRE |
| Seller | Regency Place II LLC (c/o Clarion |
111 Way Hewitt TX 120-Unit Multifamily Investment
Positioned in an inner-suburban pocket of the Waco metro, the neighborhood shows competitive occupancy and steady renter demand, according to WDSuite’s CRE market data. The investment angle centers on stable fundamentals with room for selective value-add in a growth corridor.
Hewitt's inner-suburban setting offers day-to-day convenience that supports leasing durability. Neighborhood amenities are competitive among Waco neighborhoods (rank 7 of 92), with cafés (rank 6 of 92; top quartile nationally) and restaurants (rank 17 of 92) providing lifestyle depth, while parks access (rank 15 of 92) adds recreational appeal. Pharmacy options are limited within the neighborhood (rank 92 of 92), which is a consideration for resident convenience and service mix.
Multifamily conditions are favorable for occupancy management: the neighborhood's renter-occupied share is 41.1% (rank 19 of 92; strong depth for the metro), indicating a sizable tenant base to support leasing. Neighborhood occupancy is also above the national midpoint (60th percentile), pointing to steady absorption and retention rather than volatility.
For investors evaluating relative quality and positioning, the local housing stock skews newer than much of the metro (average construction year rank 10 of 92; 90th percentile nationally). With a 2008 vintage, the property is newer than the neighborhood average (2004), suggesting competitive positioning versus older assets while still benefiting from targeted updates that can sharpen unit finishes and systems over a hold period.
Three-mile demographics indicate a growing renter pool that underpins demand: population expanded over the last five years and households increased, with forecasts through 2028 calling for additional population growth and a meaningful rise in household count. Household incomes are solid for the area and median contract rents in the neighborhood sit above national midpoints, supporting prudent revenue management without overreliance on aggressive pushes. These trends, based on multifamily property research from WDSuite, support stable leasing with potential for measured rent optimization.
Ownership costs in the area are moderate by national standards (home values around the national midpoint), which can create some competition with entry-level ownership. However, a balanced rent-to-income profile at the neighborhood level suggests manageable affordability pressure, aiding tenant retention and reducing turnover risk.
Safety metrics for the neighborhood track around the middle of the Waco metro and near national midpoints. Crime sits roughly at the metro median (rank 46 of 92), indicating neither a standout low-crime environment nor an outlier on the high side compared with regional peers.
Nationally, the neighborhood's property and violent incident rates align closer to average than top-tier safe areas, but recent data show a notable year-over-year improvement in estimated property offenses (top-quartile improvement nationally). For investors, the takeaway is a generally stable safety profile with positive trend signals rather than a definitive safety premium.
The investment thesis centers on occupancy resilience, a durable renter base, and a 2008 vintage that competes well against older stock in the Waco metro. Neighborhood indicators point to above-average occupancy and a sizable share of renter-occupied units, while three-mile demographics show population growth and a forecasted increase in households that expand the tenant base. According to CRE market data from WDSuite, neighborhood rents benchmark above national midpoints yet remain supported by incomes, reinforcing the case for disciplined rent management and retention.
The property's newer construction relative to neighborhood averages reduces near-term systems risk compared with older inventory, while still leaving room for targeted renovations to elevate finishes and common areas. Amenity depth is strong for cafés, restaurants, and parks, though limited pharmacy access and a safety profile near the metro median warrant ongoing monitoring. Overall, fundamentals suggest steady cash flow with selective value-add upside over the hold.
- Competitive neighborhood occupancy and solid renter base support leasing stability
- 2008 vintage competes well versus older metro inventory, with targeted value-add potential
- Three-mile population and household growth expand the tenant pool and support absorption
- Risks: limited pharmacy access and a safety profile near the metro median require active monitoring