For Sale I Waterford Glen Apartments

Investment Summary

Colliers is pleased to present Waterford Glen Apartments, a 364-unit multifamily community in North Texas that is supported by strong demand fundamentals and provides stable in-place cash flow with potential for value enhancement.

Strategically located in Wichita Falls’ affordable, high-occupancy market, Waterford Glen Apartments features spacious units with competitive rents, community appeal, consistently high occupancy, and a prime location near major employment hubs. Owned since 2016, it presents a unique opportunity for new ownership to implement cost-effective upgrades and increase revenue. 

This well-located asset provides stable in-place cash flow with potential for value enhancement through targeted interior upgrades. Positioned in Witchita Fall’s affordable, high-occupancy market, Waterford Glen Apartments is supported by strong demand fundamentals and offers a compelling value-add investment opportunity.

Investment Highlights

Property Performance | Waterford Glen Apartments consistently maintains an occupancy rate above 91%, driven by its desirable unit sizes and location. The property’s strong performance is further supported by its spacious layouts and community appeal.

Occupancy and Rental Trends | The average rent per unit at Waterford Glen Apartments is $838, which is below the market average of $900, presenting a clear opportunity for rent growth. Market rents in Wichita Falls are stable, with the submarket’s vacancy rate at 9.8%, reflecting consistent demand.

Unit Sizes | Waterford Glen Apartments units average 945 square feet, significantly larger than most comparable properties. This advantage appeals to renters seeking more space without sacrificing affordability, making it a preferred choice for long-term tenants.

High-Quality Location | Located near Midwestern State University, Sheppard Air Force Base, and major employment hubs, Waterford Glen benefits from a diverse tenant base, including students, military personnel, and healthcare workers. This prime location ensures stable occupancy and long-term demand.

Value-Add Opportunity | With minor, cost-effective upgrades, new ownership can unlock increased revenue. The current infrastructure is in good condition, allowing for cosmetic improvements that elevate unit appeal without heavy capital investment.

​​​​​​​Nearby Comparable Property Rents | The in-place rent per square foot at Waterford Glen Apartments is significantly below market rent levels, suggesting immediate upside potential without improvements. Post-renovation, aligning with the market comparables could drive further rent increases, particularly toward the levels seen at Arbor Creek and Stone Ridge, which command the highest average rents and rent per square foot.