San Marcos, Texas — 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired The Villagio Apartments, a student housing community located at 1850 Aquarena Springs Drive near Texas State University in San Marcos.
The company plans to invest $2 million into the property to upgrade the apartment interiors, exteriors and amenities. Developed in 2005, the 180-unit, 492-bed community features two-, three- and four-bedroom apartments. Each unit has a bathroom for each bedroom, private patios and full-size washers/dryers.
On-site amenities include a resort-style pool with fountains and hot tub, outdoor grilling areas, 24-hour fitness center, clubhouse, private study center, movie theater, and volleyball and basketball courts. At the time of sale, the property was 100 percent pre-leased for the upcoming academic year.
Travis Prince and Sean Baird of Colliers International’s Student Housing Group represented the sellers, Villagio SR LLC and and Villagio CW LLC, in the transaction. The sellers own several multifamily properties across the United States.
This property marks the first student housing purchase for 29SC, which is expanding its multifamily platform to include student housing properties in the Texas region.
Article originally published on studenthousingbusiness.com.