The Village with 172 units in San Marcos, Texas

The Village is a multifamily apartment with 172 units across 8 buildings. It is located close to Red Point Village (0.5 mi), Twin Peaks Restaurant (0.9 mi) and Wonder World Park (1.6 mi).

The property sits on 6.74 acres with an average unit size of 921 square feet. The apartments were originally built in 2004 and include a lighted swimming pool, grill area, onsite laundry, private tanning salon, gym, sports courts, a club room with TV, billiards, shuffleboards, and a dog park.

Local schools include Mendez Elementary School (0.2 mi) with a 4/10 rating, Doris Miller School (1.5 mi) with a 7/10 rating, and San Marcos High School (2.3 mi) with a 7/10 rating. Nearby colleges include McCoy College of Business (2.2 mi), Texas State University (2.3 mi), and University Church of Christ (3.4 mi).

The largest employers in the area include Hays County (0.7 mi), San Marcos CISD (0.8 mi), and HEB Distribution Center (1.0 mi). In addition, Fortune 500 companies with nearby headquarters include Oracle (30 mi), Tesla (32.1 mi), and United Services Automobile Association (43.6 mi).

The business plan would be classified as a value-add strategy which in this case means major renovations, increasing rents, and increasing occupancy.

5 Highlights about this deal:

1. The property is being purchased for approximately $28.5 million.
2. The goal is to renovate and increase the average current in-place rent of $1,240-$1,825 per unit by at least $150-250 per unit which is still lower than adjacent properties.
3. All units have a fully equipped all electric kitchen, microwave, vinyl flooring, laminated countertops, stainless steel kitchen sinks, dishwashers, ceramic tiled shower/bath, walk in closets, and private balcony.
4. The San Antonio area is expected to create 100K new jobs by 2024.
5. Located in an Austin (#1) suburb and ~30 miles from San Antonio (#7), The Village will attract renters seeking affordability as the fastest-growing cities in the nation continue developing.