1,116-Bed San Marcos Student Housing Project Sells

An 1,116-bed San Marcos student housing project has sold. Texas State University in San Marcos has 33,000 students, and since 2011 over a thousand a year have called the Village on Telluride their homes. That home has a new owner. Cardinal Group and TPG Real Estate Partners joined forces to buy the project. It’s the 13th student housing investment the two have collaborated on.

The community is less than a mile from campus and is an easy commute via bike or walk to school. The project has 385 units, a mix of two, three and four bedrooms. It has two pools with poolside grills, a two story fitness center and a renovated clubhouse.

The two companies plan to revamp the units, common areas and amenities. All appliances will be switched out, countertops and floors will be replaced and the basketball court will be expanded.

Institutional Property Advisors brokered the deal, and CBRE’s capital markets team advised on the debt for the acquisition. The seller was not disclosed.