By Joshua Ayers, Senior Editor
San Marcos, Texas—Miami-based Atlantic | Pacific Companies (A | P Companies) has added another Class A asset to its portfolio with the purchase of The Palazzo, a 300-unit garden-style apartment located on a 15.34-acre lot in San Marcos, Texas.
The purchase of The Palazzo marks the company’s fifteenth acquisition in the past two years and its fifth acquisition in Texas.
“A | P Companies is excited to add another quality asset to its rapidly growing Texas portfolio,” says Mark Briggs, senior managing director at A | P Companies. “The Palazzo complements yet diversifies our existing holdings in Austin and Dallas.”
The upscale community, located at 1011 Wonder World Drive in San Marcos, offers one-, two- and three-bedroom floor plans, and amenities at the gated community include an expansive clubhouse, business center, fitness center with yoga studio, and a game room. Exterior amenities include two resort-style swimming pools, basketball and sports court, and a playground.
A | P Companies’ property leasing and management platform, Atlantic | Pacific Management, will run the day-to-day operations and management of the community. A | P Companies intends to upgrade common areas and make improvements to unit interiors.
San Marcos is located along the “IH-35 Growth Corridor” about 35 miles southwest of Austin and about 50 miles northwest of San Antonio. The community is about three miles from Texas State University-San Marcos—the fifth largest university in the state, and other employment hubs in the area, such as the Central Texas Medical Center. The community is also located a few minutes away from local attraction, Wonder World Park.