CBRE announces the sale of Dakota Ranch, a 316-bed student housing community in San Marcos, Texas. The 17-acre community, built in 2002, offers one-, two- and three-bedroom units ranging from 523 to 1,111 square feet. An affiliate of New York City-based Alden Street Capital purchased the asset from an affiliate of Alex. Brown Realty for an undisclosed price.
CBRE National Student Housing's Jaclyn Fitts, William Vonderfecht and Casey Schaefer arranged the transaction and Benjamin Roelke of CBRE’s Dallas office arranged the long-term financing on behalf of the buyer through CBRE’s Fannie Mae Delegated Underwriting and Servicing (DUS) program, CBRE Multifamily Capital Inc. The financing featured a seven-year loan term with a flexible prepayment structure and full-term interest-only payments.
The property boasts an expansive array of outdoor amenities, including a resort-style swimming pool with a fountain, an outdoor kitchen, a sand volleyball court, a dog park and a grilling area. Additional amenities include updated business and fitness centers and free cable and high-speed internet. Recently upgraded interior features include granite countertops, updated cabinetry, new appliances and built-in microwaves, wood-style flooring throughout the common areas and large walk-in closets.
“This boutique-size asset offers such unique amenities for a community this size,” said Jaclyn Fitts, Director of National Student Housing. “Student housing at Texas State University continues to be in high demand with the growing enrollment base.”
The property lies approximately one mile west of Texas State University, and a campus shuttle bus arrives every 10 minutes at the entrance.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
