San Marcos, Texas (June 5, 2017) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired The Reserve at West Avenue, a 152-unit, 488-bed luxury student housing community near Texas State University (TSU) in San Marcos, Texas. 29SC’s strategy is to invest $1 million to significantly improve the unit interiors as well as the property’s exterior and amenity package. Interior renovations will include granite countertops, new flooring and improved plumbing fixtures. Exterior improvements will focus on modernizing the clubhouse and pool area.
“The Reserve is the second student housing community acquired by 29SC in the last 12 months in San Marcos, which will bring the total number of beds to approximately 1,000,” said John Price, Ph.D., Senior Vice President with 29th Street. “We are very excited to expand our footprint at TSU and believe The Reserve represents a tremendous opportunity. The property is well-positioned relative to the main campus and downtown San Marcos and we plan to substantially increase the property’s appeal and provide the best value proposition to the ever-growing student body at TSU.”
Texas State is one of the fastest-growing universities in the country, with record enrollment growth for 19 straight years. The fourth-largest university in Texas with nearly 39,000 students, TSU is well-located on the I-35 corridor between Austin and San Antonio – two of the fastest growing metropolitan areas in the country.
Developed in 1998, The Reserve offers students two-, three-, and four-bedroom fully furnished apartments. Each unit has a full-size washer and dryer, high-speed internet and cable and a fully-equipped kitchen. Amenities include a swimming pool, private study rooms, 24-hour fitness center and clubhouse with kitchen and game room. The community also has volleyball and basketball courts. The Reserve is on the university’s bus route and on the same side of the interstate as TSU.
“The location provides a highly sought-after convenience for students seeking proximity to campus,” added Price. “Students prefer to avoid crossing I-35 on their daily commute while also being able to find value compared to recently constructed communities located directly on campus.”
The transaction closed May 26. The sale price was not disclosed.
29th Street Capital has acquired 15 multifamily assets over the past 12 months and continues to actively pursue additional opportunities throughout the U.S. The firm will continue to target strategic value-add deals that are below the institutional radar, with the intention of offering its investors above-market returns.
Formed in 2009, 29SC is a privately-held real estate investment and advisory firm that employs a value-added investment strategy in acquiring properties that fall below the radar of institutional peers. 29SC’s multifamily portfolio consists of more than 7,600 units and it has acquired over 9,600 units across its 12 offices in the U.S. Investments typically require approximately $10 to $50 million of total capital and involve the acquisition or recapitalization of real estate assets, portfolios or platforms. Learn more about 29SC at https://29thstreetcapital.com.