Luxury Student Housing Asset Changes Hands Near TSU
The new owner plans to boost the value of the student housing community by investing $2 million in renovations.
By Adelina Osan, Associate Editor
San Marcos, Texas—29th Street Capital (29SC) recently acquired a 492-bed luxury student housing community near Texas State University in San Marcos, Texas. The company plans to invest $2 million in renovations to upgrade apartment interiors, exteriors and community amenities.
The Villagio
Located at 1850 Aquarena Springs Drive, The Villagio features two-, three- and four-bedroom floorplans, and is 100 percent pre-leased for the upcoming academic year. According to data from Yardi Matrix, unit sizes range between 834 and 1,321 square feet, with rents between $1,108 and $2,057. Common-area amenities include a 24-hour fitness center, clubhouse, resort-style swimming pool, spa and 300 parking spaces.
The Villagio
“The Villagio represents the first step in the exciting expansion of 29SC’s very successful multifamily business model into its newly-formed student housing platform,” John Price, senior vice president at 29SC, said in prepared remarks. “This acquisition represents a unique opportunity to add value for both our investors and the residents through repositioning and substantial renovating the community. Upon completion, The Villagio will provide the highest quality student housing experience in the competitive San Marcos market.”
29SC has acquired 11 multifamily assets over the past 12 months, unloading more than $50 million worth of equity in markets such as Houston, Denver, Chicago, Durham, N.C., and Oakland, Calif.
Images courtesy of Yardi Matrix
