Rare HAP Contract Opportunity

Independence Meadows Smithville, TX

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Property Summary


1002 Southeast Martin Luther King Boulevard
Smithville, TX 78957


  • Rare HAP Opportunity 
  • Average of 5% Annual HUD Rent Increases 
  • Fully Renovated in 2019 
  • High Teens IRR and Double-Digit, Cash-On-Cash Returns
  • Prime Location in Austin MSA 
  • Fully Assumable HUD Loan with Second Supplemental in Place

Rare HAP Opportunity 

Independence Meadows presents a rare opportunity to leverage the Housing Assistance Payments (HAP) program, providing stable and guaranteed rental income. The HAP program ensures a consistent cash flow by subsidizing a portion of the tenants’ rent. This feature adds a layer of security and stability to the investment.

Average of 5% Annual HUD Rent Increases 

The property is located in Bastrop County, TX. On average, HUD Fair Market Rents in the submarket have increased more than 5% per year since 1985. This long-term trend offers excellent income growth potential, ensuring steady appreciation of rental income over the investment’s duration.

Fully Renovated in 2019  

Independence Meadows underwent a complete renovation in 2019, ensuring that it is in excellent condition and ready for immediate occupancy. This recent renovation significantly reduces the immediate need for additional capital expenditures, providing investors with peace of mind and minimizing future maintenance costs.

Matterport Tour

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Tour Video

Points of Interest


Tenant Services

Unit Amenities

  • Dishwasher
  • Whirlpool Washer/Dryer
  • Microwave
  • Disposal
  • Vinyl Plank Floors
  • A/C
  • Dual Pane Windows

Community Amenities

  • Leasing Office
  • Open Space
  • Playground


Brokerage Team

When evaluating your options for a partner to assist with the sale of your multifamily asset, there are a number of factors you may consider. From experience and market knowledge to marketing prowess and ongoing support, each plays an integral role in creating a positive experience and a profitable outcome. Yet the one competency you may never have considered could be the one that matters most: the ability to move capital across markets efficiently and effectively. 

MMG possesses a unique combination of talent, resources, expertise, and access that delivers an elevated experience from acquisition to disposition. Discover the benefits of a partnership with us.

Alex Thompson

Associate Advisor
303.345.7208 alex.thompson@mmgrea.com

Michael Watson

Managing Director
512.557.5060 michael.watson@mmgrea.com

Michael Moffitt

Managing Director
512.584.4813 michael.moffitt@mmgrea.com

Hank Hicks

Senior Advisor
314.420.1828 hank.hicks@mmgrea.com

Michael Sullivan

Executive Managing Director/Founding Partner
913.484.7923 michael.sullivan@mmgrea.com

Alex Blagojevich

Executive Managing Director/Founding Partner
773.899.0391 alex.blagojevich@mmgrea.com

In Association With

ParaSell, inc. Texas Broker #9009637

Get in Touch


MMG Real Estate Advisors

601 Westport Road

Kansas City, MO 64111