29SC Acquires Second San Marcos Student Housing
The acquisition of the 488-bed property brings the company’s San Marcos multifamily portfolio to approximately 1,000 beds. The company plans to invest $1 million in capital improvements.
By Adina Marcut
29th Street Capital has acquired The Reserve at West Avenue, a 152-unit luxury student housing community in San Marcos, Texas. The transaction closed in May for an undisclosed amount.
Located at 109 W. Ave., the company plans to implement a $1 million capital improvement program, by renovating unit interiors and adding granite countertops, new flooring and improved plumbing fixtures. Other upgrades will be made to the asset’s exterior and amenities.
The three-story building offers two-, three- and four-bedroom units ranging in size from 1,058 to 1,277 square feet. Common area amenities include a fitness center with state-of-the-art equipment, a business center, a clubhouse, cyber lounge with individual study rooms, a swimming pool and a spa. Additionally, a volleyball court and a basketball court are available at the apartment community. The 488-bed Reserve at West Avenue offers a pet park and a dog run.
“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,” John Price, senior VP with 29SC, said in a statement. “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.”
The property last traded in 2005, when Alex Brown Realty acquired it for $13.2 million, according to data provider Yardi Matrix. Last month, 29SC purchased Woodlake Villas Apartments, a 218-unit multifamily community located in Las Vegas.
Images courtesy of Yardi Matrix and The Reserve at West Avenue
