Austin, Texas-based developer Parkspring Multifamily is making its debut in the Waco, Texas, market with a garden-style property set to break ground on one of the last remaining land parcels in the 143-acre Cottonwood Creek master-planned community.
The upcoming Commons at Cottonwood Creek, set to break ground this month, will include 372 units spread across 16.5 acres. The property is located within commuting distance of Baylor University, Baylor Scott & White Medical Center and an Amazon fulfillment center, according to a news release shared with Multifamily Dive.
Parkspring cites Waco’s expanding infrastructure, steady job growth and strong demand for housing as points in the market’s favor for new development. The city has seen 2.1% annual population growth since 2010 and 18.4% job growth since 2014, according to the release.
“Waco is seeing real momentum, and we’re excited to contribute to that growth with a community centered around working families and young professionals,” said Geoff Simpson, co-founder of Parkspring, in the release. “This site’s walkability, access to jobs and proximity to local attractions made it a perfect fit for the Parkspring vision.”
Units will range from one to two bedrooms, 754 to 1,028 square feet in size. Each one will include stainless steel appliances, quartz countertops, wood-look vinyl flooring, in-unit laundry, smart home tech and private yards in select units.
Amenities will include a clubhouse with a kitchen, coffee bar, pool table, golf simulator and televisions; a business center with conference rooms and coworking spaces; a pool and tanning ledges; a fitness center; a dog park; and outdoor kitchens. Private garages and EV charging stations will be available to residents.
The property’s first units are expected to deliver in the fourth quarter of 2026, with full completion anticipated by the second quarter of 2027.
Cottonwood Creek, developed by Houston-based real estate firm NewQuest, encompasses 285,000 square feet of retail and 63 acres of multifamily, hospitality and office space, according to the developer’s website.
Three hundred and fifty multifamily units are already open on site, with 500 more to come in the future, including Commons at Cottonwood Creek. The property’s entertainment anchors include Cinemark, Topgolf and Main Event.
