HUD sold the 36-building property for $3.55 million. HUD had foreclosed on Lakeshore North's previous owner, a partnership.
Kaminski says the company will spend $500,000 to $600,000 to renovate the complex with new roofing, siding and to spruce up parking lots. It also plans to fix up some apartments as leases roll over.
The complex, built in 1985, has a swimming pool, clubhouse, tennis courts and washer and dryer connections. Occupancy is about 92%, about the same as the total Waco market, Kaminski says, but lower than the 96% to 98% occupancy levels of the complexes it competes against.
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