Alden Street Capital Nabs TX Student Housing Community
Built in 2002, Dakota Ranch comprises 316 beds and serves students attending Texas State University. CBRE arranged the sale and financing of the 17-acre property.
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