The Luxx
220-unit, 694-bed Student Housing Apartment
OUR PORTFOLIO
Case Studies
Description
Built in 2014, The Luxx is a 220-unit, 694-bed student housing apartment community located in San Antonio, TX, proximate to The University of Texas at San Antonio (UTSA) campus. The Luxx is a five-minute drive to the school through the usage of the university shuttle route, which has a stop right in front of the property. The asset has comprehensive amenities including a Vegas-style pool, dog park, volleyball court, Luxer package system, fitness center, study spaces, and outdoor grilling stations.
Location
6023 UTSA Boulevard
San Antonio, TX 78249
Opportunity + Execution
Execution: Value Add | Deal Source: Off-market
- The Palladius team had familiarity with the asset after initially underwriting and submitting an offer on The Luxx in March 2023. Palladius principals and team members acquired Avalon Place, a student housing asset servicing The University of Texas at San Antonio (“UTSA”) in 2017, which provided deep market knowledge.
- The Property had been mismanaged, which presented the opportunity for rent increases without a comprehensive unit interior improvement program.
- There were 594 on-campus student housing beds in the development pipeline. Even with the additional supply, there remained a substantial supply-demand imbalance for the foreseeable future as enrollment is anticipated to increase.
- UTSA has grown enrollment by 21.8% over the past decade and serves approximately 35,000 students. The University grew freshman enrollment by 3.3% in 2023. The university has targeted enrollment growth of more than 10,000 students by 2028.