Northland Expands Presence in Waco, TX – Flats on Chapel becomes their 19th community in Texas
Waco, TX– Northland, a national real estate private equity firm with $8 billion of assets under management, announced the acquisition of Flats on Chapel, a 216-unit garden-style community. This acquisition complements its existing Waco asset, The Legend, bringing Northland’s total units owned and managed in the market to 514 units, expanding its Central Texas footprint and leveraging the operational expertise of over 100 site employees across its 5,700-unit Austin portfolio.
Flats on Chapel is in the Hewitt submarket, which is regarded as Waco’s most sought-after neighborhood and is within the consistently ranked Midway Independent School District. Due to its proximity to four central job drivers, Texas Central Park, Ascension Providence Health Center, Baylor University, and Amazon and Walmart fulfillment centers, Hewitt has become one of Waco’s most affluent neighborhoods. With Waco’s growing tech sector, the property offers prime access to diverse job opportunities.
“Flats on Chapel presents the ideal opportunity to revitalize a community in one of Waco’s most desirable enclaves, while capitalizing on the continued growth of the Texas Triangle’s major economic corridors,” says Mike Campbell, Northland’s VP of Investments. “By leveraging the expertise of our established Central Texas team, we will enhance the resident experience with a diverse range of floor plans and top-tier amenities across our Waco communities.”
Flats on Chapel consists of 27 residential buildings featuring 100% corner units, with a unit mix of one-, two- and three-bedroom floor plans, and an overall average unit size of 998 square feet. The community offers amenities that include a clubhouse, fitness center, dog park, playground, and swimming pool
To enhance the community, Northland will add washers and dryers in every unit, introduce smart-home technology, and roll out bulk internet services. Additionally, Northland plans to invest $2.5 million in site-wide improvements, including upgrades to the buildings’ exterior and common areas.