An affiliate of Alden Street Capital has purchased Dakota Ranch, a 316-bed student housing property in San Marcos, Texas, from Alex Brown Realty. CBRE arranged the sale and financing of the 17-acre community, which provides units between 523 and 1,111 square feet.
The asset is located roughly one mile west of Texas State University, while downtown San Antonio is a 55-minute drive away. A campus shuttle bus provides transportation every 10 minutes from the property’s entrance.
Recently upgraded features
Constructed in 2002, Dakota Ranch offers one-, two- and three-bedroom units. The recent interior renovations included the addition of granite countertops, new appliances and cabinetry, built-in microwaves, wood-style flooring in common areas and walk-in closets. Community amenities include:
- resort-style swimming pool with fountain
- outdoor kitchen
- sand volleyball court
- dog park
- grilling area
- business center
- fitness center
Senior Vice President Benjamin Roelke of CBRE’s Dallas office arranged the long-term financing for the buyer, through CBRE’s Fannie Mae Delegated Underwriting and Servicing (DUS) program, CBRE Multifamily Capital Inc. The loan featured a seven-year term with a flexible prepayment structure and full-term interest-only payments. CBRE’s National Student Housing team brokering the deal included Director Jaclyn Fitts, Associate Director William Vonderfecht and Associate Casey Schaefer.
“This boutique-size asset offers such unique amenities for a community this size,” said Fitts, in prepared remarks. “Student housing at Texas State University continues to be in high demand with the growing enrollment base.”
Image courtesy of CBRE