Bryan Properties’ Bryan Magers with 5803 Legend Lake Parkway (Missouri State University, The Legend, Getty)
Bryan Properties is betting on a multifamily redevelopment project in Waco for the firm’s first expansion outside of Missouri.
Legends Apartments, planned for 5803 Legend Lake Parkway, is estimated to cost $40 million, or $167 per square foot, according to a Texas Department of Licensing and Regulation filing.
Currently, a shuttered 77,000 square foot senior living facility sits on the 6-acre property that was sold earlier this year for an undisclosed amount. The property’s assessed value was over $13 million in 2022, according to the McLennan County Appraisal District.
The developer will look to renovate and expand the old senior living facility into a 240,000-square foot apartment complex. The number of units hasn’t been disclosed.
Construction is slated to begin in March and take about a year to complete.
The property sits adjacent to the Baylor Scott and White Medical Center-Hillcrest campus, an Amazon Warehouse and a number of hotels and restaurants.
Bryan Properties’ past multifamily projects are mostly Class-B apartment types that trend toward affordable. Bryan Properties did not immediately respond to a request for comment.
The company was founded by Bryan Magers in 1985 and is invested in over 150 properties across Missouri. The Springfield, Missouri-based firm focuses on student housing communities, multiplexes, shopping centers and office buildings, according to its website.
Waco, home of Baylor University, sits halfway between Dallas and Austin and has grown its population from 168,000 in the 1960s to over 280,000 today, according to the Texas Regional Economic Analysis Project.
The Greater Waco Economic Index reported that more than $1 billion in building permits for non-residential spaces had been issued in the past year, highlighting the city’s growing economy. While the city’s average price of homes sold in October reached a record $361,000, the report stated home building had fallen off in the second half of the year as interest rates soared, causing the local housing market to cool.
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