The Oasis (Texas State University) – SOLD
672 Bed Student housing | San Marcos TX
02.22
Acquisition Date
240 / 672
Units / Beds
1,067
Avg SqFt.
4 Years
Hold Period
OUR PORTFOLIO
Case Studies
Description
Built in 2005, The Oasis is a 240-unit, 672-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 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 fitness center, swimming pool, basketball and volleyball courts and business center.
Location
1101 River Ridge Parkway
San Marcos, TX 78666
Opportunity + Execution
Execution: Value Add | Deal Source: Relationship based (fully marketed)
- Leveraged local market knowledge, in-house construction management team and previous success with student housing assets along the I-35 corridor
- Seller is structured as a TIC and undercapitalized the asset, resulting in extensive deferred maintenance and an opportunity to lift rents through renovations
- Our renovation program is targeting a light value-add to 100% of the units in a 2-year span in addition to re-amenitizing common areas and enhancing building exteriors, leaving a further value-add opportunity to unit interiors at disposition for the next buyer
- Property is well positioned to capitalize on the university’s expected enrollment increase of 6,200 students by 2026
- This asset will add diversity to the previous acquisitions of Dominion Square, Montabella, and Ranch at Shadow Lake, by adding a student housing asset