The Mirage (Texas State University)
816 Bed Student housing | San Marcos TX
05.23
Acquisition Date
288 / 816
Units / Beds
1,095
Avg SqFt.
6 Years
Target Hold Period
OUR PORTFOLIO
Recent Acquisitions
Description
Built in 2001, The Mirage is a 288-unit, 816-bed student housing apartment community located in the city of San Marcos, TX and less than a 10-minute drive to the Texas State University (TXST) campus. The Mirage, closely related to The Oasis, has excellent proximity to the TXST campus through the usage of the university shuttle route, which has a direct stop in front of the property. The asset is also highly amenitized, offering students a full array of amenities that include a brand-new fitness center, (2) swimming pools, (2) basketball and volleyball courts, Disc Golf Course, (2) large dog parks, and business center with student study lounge.
Location
1610 N Interstate 35
San Marcos, TX 78666
Opportunity + Execution
Execution:Value Add | Deal Source: Relationship Based (Fully Marketed)
- Based on local market knowledge, experience in the San Marcos submarket, continued enrollment growth for (TXST), and previous success with student housing assets along the I-35 corridor.
- The Seller previously upgraded the property in 2017 and repaired most deferred maintenance. Our plan is to modernize these interiors along with amenities.
- Our in-house construction management team is targeting 100% interior unit renovations to be completed in the first year of the hold.
- Like The Oasis, rebranding as “The Mirage” will accompany the renovation program, create a new buzz around Texas State University, and provide a modernized housing opportunity for students at TXST.