WACO - If downtown Waco were a Monopoly board, the richly appointed loft condos that Turner Brothers Real Estate has created near the Hippodrome Theatre might be Boardwalk or Park Place. In that game, the down-at-the-heels Austin Arms apartments could be Baltic Avenue.
The Austin Arms apartments at 13th St. and Austin Ave. has been purchased and will undergo renovations. The 90-year-old building has five stories and 44 units.
Turner Brothers Real Estate plans to market it as a budget-conscious option. Rents are expected to range from $350 to the $600s, depending on size and position.
Plans for the complex include reorienting the entrance of the building to its original 13th St. side and putting retail on the first floor. Renovations will take place over the next two years.
The property was valued last year on the McLennan County Appraisal District at less than $200,000. Waco City Council last week granted the property a historic landmark designation, which freezes city property taxes over several years.
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