Killeen Apartment Complex Sells, New Owner Plans $1 Million in Capital Upgrades

Marcus & Millichap has facilitated the sale of Copper Mountain, a 214-unit apartment complex situated in Killeen, Central Texas. The property, built in 1985 on 8.7 acres, offers a mix of studio, one-, and two-bedroom residences, alongside amenities such as a pool, fitness center, business center, playground, and various sports courts.

A California-based investor sold the asset to a New York-based family office, which utilized a 1031 exchange for the acquisition. Marcus & Millichap's Alec Schenk, Nick Fluellen, Bard Hoover, Peter Flis, and John McGregor represented the seller and procured the buyer. The new ownership intends to invest approximately $1 million into capital improvements at Copper Mountain.

These planned upgrades include enhancements to the building exteriors, new roofing, improved lighting and security systems, and general amenity upgrades. This transaction underscores ongoing investment activity in the Central Texas multifamily market. For developers and investors, the planned capital injection suggests a value-add strategy, aiming to modernize the property and potentially increase its market appeal and rental income in the Killeen area. Such improvements can enhance tenant experience and property valuation.