WACO - The low-income apartment complex formerly known as Lakewood Villas is getting a major renovation that will turn it into a student housing complex in East Waco. The 260-unit complex at 1601 Spring St. will reopen as The Hype in August 2014.
Rent for a two-bedroom apartment will be in the $800 range. “The location really suits Baylor because of the new stadium,” said Page McDonald, marketing vice president for Nessel. “If that wasn’t there, it probably wouldn’t have been as appealing. The stadium just added an extra push for us to do this.”
The complex went into foreclosure in 2012 after suffering from low occupancy and disrepair. Occupancy was at 30 percent when Dallas-based Nessel Development bought it last year and many of the units were unusable.
The stadium and ongoing project to connect Martin Luther King Jr. Blvd. to Business 77 will help end the isolation of the complex, McDonald said.
The units are being refitted with granite countertops, laminate flooring and connections for washer-dryer combos. The complex will have a saltwater pool, along with a renovated clubhouse and laundry facility, sand volleyball court and a communal kitchen for events.
Students will even be able to borrow bicycles from the complex to ride to campus, which will be accessible via a new footbridge over the Brazos River at the stadium.